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Novell Acquires SilverStream

June 11, 2002

Network solutions provider Novell announced today its acquisition of web services application developer Silverstream.

Novell plans to buy for cash all the outstanding shares of SilverStream common stock at $9.00 per share, followed by a merger in which it will pay the holders of the remaining outstanding SilverStream common shares the same cash price. Assuming the deal's close in July, the cash value of the combined transactions is about $212 million. In the event, cash on SilverStream's balance sheet is expected to total about $100 million, yielding a net cash outlay by Novell of about $112 million.

The acquisition places Novell more firmly in the web services space -- which it has been coveting -- and gives it access to a new customer base in the development community.

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