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Telecom gear maker snaps up federal contractor
Published: 27 April 2005 10:55 BST
Telecom equipment maker Nortel Networks has announced that it will buy federal contractor PEC Solutions for $448m in cash.
PEC, which was founded in 1985, is a systems integrator and consultancy that works with United States homeland security, law enforcement, intelligence and defence agencies.
Analyst firm CIBC World Markets estimates that Nortel will have around $3bn in cash left after the deal closes.
For the past year, Nortel has been struggling to put its books in order after accounting irregularities were discovered. An investigation and financial restatements revealed that Nortel had inflated some of its reported profits.
Marguerite Reardon writes for CNET News.com
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