Lucent to acquire switch developer Excel

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Murray Hill, N.J.--Lucent Technologies will acquire Excel Switching Corp., a Hyannis, Mass., developer of programmable switches. Excel's switching platforms serve as bridges between circuit and packet networks, and allow software developers to adapt their products to diverse worldwide systems. Under the terms of the agreement, each share of Excel will be converted into .5580 share of Lucent. Based on Tuesday's closing price of $66.50 a share for Lucent, the deal would be valued at about $1.7 billion. The acquisition is expected to be completed by the end of the year.
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