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Lucent spins off Celiant, which draws $50M.(Lucent Technologies)(Brief Article)
Byline: Vyvyan Tenorio
Thick in the middle of asset sales, Lucent Technologies Inc. has now turned to its wireless power amplifier unit, spinning it off after years of development and luring $50 million in venture backing.
The company, Celiant Corp., will announce today its separation from Murray Hill, N.J.-based Lucent into an independent company with financing from private equity and hedge fund manager Pequot Capital Management Inc., of Westport, Conn.
Lucent retains more than 50% ownership, though Celiant takes with it valuable patents and 140 scientists and engineers from Bell Laboratories' wireless unit, its former parent. Celiant also hired away two executives from Lucent's New Venture Group, a business development arm that works at commercializing Bell …
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