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Tekelec Acquires Steleus

10.14.04

New York, October 14, 2004 - Tekelec, a leading global supplier of telecommunications products for nextgeneration fixed, mobile and packet networks, today announced it has completed the acquisition of Steleus Group, Inc., a privately held telecommunications solution provider, in order to advance its network and service performance management capabilities, enhance its applications portfolio, and extend the company's global reach. In order to expedite the closing, the companies have agreed to modify the merger consideration from the terms originally announced August 20, 2004. Under the revised terms, Tekelec has purchased 100 percent of Steleus' outstanding stock for approximately $55 million, all cash. The original consideration consisted of approximately $29 million in cash and $27 million of Tekelec stock. All other terms of the
transaction remain consistent with those originally announced.

Redwood Capital acted as exclusive financial advisor to Steleus in connection with the transaction.

About Redwood Capital

Redwood Capital Group is an investment banking firm serving the technology, communications and media industries. The firm focuses on mergers and acquisitions and corporate finance advisory, private equity and asset management.

Additional information can be found at www.redcapgroup.com.

 
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