ECI Telecom goes private

By Lisa Kerner

Charlotte, N.C., Sept. 28 - Affiliates of the Swarth Group and certain funds managed by Ashmore Investment Management Ltd. completed the $1.24 billion acquisition of ECI Telecom Ltd.

"ECI is embarking on a new road as a private company after 25 years on Nasdaq," ECI chief executive officer Rafi Maor said in a company news release.

"I look forward to working with Shaul Shani, ECI's new chairman, and the rest of the buyer group, in leading ECI towards our new future."

ECI shares ceased trading on Friday.

On Aug. 29, ECI shareholders approved the company's $10-per-share acquisition by affiliates of the Swarth Group first announced on July 1.

ECI is a Petach Tikva, Israel, provider of networking infrastructure equipment.

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