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May 17, 2006
NEW YORK, NY, May 17, 2006 - Covington & Burling advised AudioCodes in its agreement to acquire Nuera Communications. The transaction will consist of payment of $85 million in cash to the stockholders of Nuera, subject to reduction for certain expenses, plus an earn out arrangement under which AudioCodes has agreed to pay up to an additional $5 million if Nuera achieves certain revenue milestones during the first 12 months after consummation of the transaction. The transaction is expected to close the end of second quarter or early in the third quarter of this year.
AudioCodes is a leading provider of Voice over Packet (VoP) technologies and Voice Network products. Nuera Communications, Inc. is a leading provider of Voice over Internet Protocol (VoIP) infrastructure solutions for broadband and long distance with an extensive client base in North America as well as in Asia and Europe. The Covington team included Ellen Corenswet, J. D. Weinberg, Peter Bogdanow and Noa Rosenberg. Covington's M&A practice was ranked among the top 20 legal advisers for US-announced M&A transactions for 2005 by Thomson, Bloomberg, and mergermarket.