IRVINE, Calif., May 30, 2000 (PRIMEZONE) -- IBC reported today that Adaptive Broadband (Nasdaq:ADAP) entered into an agreement with Comtech Telecommunications (Nasdaq:CMTL) to sell its EFData division for $61.5 million in cash. Adaptive Broadband will retain certain current assets of the business totaling approximately $6.3 million.
Adaptive Broadband expects to recognize a net book gain on the divestiture and expects to retain substantially all of the cash due to the company's deferred income tax benefits. Two other divisions are in the process of being divested and the results of all three transactions will be combined and reported. The EFData transaction is expected to close by June 30.
BarnesandNoble.com (Nasdaq:BNBN) said it has purchased a minority interest in notHarvard.com. BarnesandNoble.com said the two companies would form Barnes & Noble University , which would offer free online education. The terms call for BarnesandNoble.Com to become the major distributor of notHarvard.com's eduCommerce course materials.
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