Sierra Wireless acquires Wavecom

March 3, 2009
Vancouver, Canada, and Issy-les-Moulineaux, France – March 2, 2009 – Sierra Wireless, a  provider of wireless solutions for mobile computing, and Wavecom, a leading provider of embedded wireless technology for M2M (machine-to-machine) communication, confirmed today that the cash payment to financial intermediaries for the ordinary shares and OCEANEs (convertible bonds) tendered into the offer launched in France by Sierra Wireless France, a wholly owned subsidiary of Sierra Wireless, Inc., occurred on February 27, 2009. These shares and OCEANEs were delivered to Sierra Wireless France on February 27, 2009. Payment for the securities tendered into the offer launched in United States by Sierra Wireless France will follow shortly. Subject to the publication of a calendar of the subsequent offering period in France by the AMF, a subsequent offering period in France and in the United States will start on March 11, 2009, and will be open for a period of 15 trading days. Sierra Wireless France has irrevocably undertaken to accept all ordinary shares, American Depositary Shares (“ADSs”) and OCEANEs tendered in the subsequent offering period. The offer price for the ordinary shares is €8.50 per share, and the offer price for the OCEANEs is €31.93 plus unpaid accrued interest (calculated pro rata to the number of days from the last interest payment date to the day of settlement for the OCEANEs) per OCEANE. The offer price for the ADSs is the U.S. dollar equivalent of €8.50 per ADS. Shortly after the closing of the subsequent offering period, provided applicable legal requirements are satisfied, Sierra Wireless France intends to implement a squeeze-out of the shares and OCEANEs that have not been tendered to the offers and to request the delisting of Wavecom shares and OCEANEs from Euronext and ADSs from NASDAQ.