o2wireless Solutions (Nasdaq: OTWO), a provider of outsourced network services to the wireless telecommunications industry, has entered into an amendment to the merger agreement with Baran Group Ltd., originally dated June 5.
According to the amended agreement, each share of o2wireless common stock will now be exchanged for 0.014919 ordinary shares of Baran. All other terms of the merger agreement remain in effect and the parties still expect the merger to close on or before Nov. 15, 2002.
o2wireless and Baran agreed to amend the merger agreement as a result of continued depressed conditions in the wireless telecommunications industry and o2wireless’ recent financial results, the companies say.
With over 1,400 employees globally, Baran Group Ltd. is a provider of engineering, construction project management and consulting services primarily to companies in the telecommunications and industrial sectors. Baran reported revenues of $211.94 million for the year 2001. Founded in Beer-Sheba, Israel in 1990, Baran has expanded internationally, with offices and operations in Germany and Asia. Ordinary shares of Baran are traded on the Tel Aviv Stock Exchange under the ticker symbol BRAN.
Baran Group Ltd.: www.baran.co.il