Intel To Acquire Level One For Approximately $2.2 Billion In Stock-For-Stock Merger

SANTA CLARA, Calif. and SACRAMENTO, Calif. March 4, 1999 – Intel Corporation and Level One Communications today announced that the boards of directors of both companies have approved a definitive stock-for-stock merger agreement valued at approximately $2.2 billion under which Intel would acquire Level One. The acquisition is aimed at bringing customers advanced networking capabilities by offering increased bandwidth and functionality through silicon integration. The Sacramento-based Level One provides silicon connectivity solutions for high-speed telecom and networking applications and is expected to establish Intel as a leading component supplier for the rapidly growing Internet and Intranet equipment market segments.

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