By Steve CappuccioGE Network Corporation (GEON) and Enterprise Networks Corp (EDN) have reached an agreement to merge, the companies announced today.GEON CEO and chairman Steve Capps announced the merger at the GEON Investor Summit in Boston, Massachusetts, in a video.CEO Steve C Apps announces the acquisition of GEON and Enterprise networks corporation.
https://t.co/Vg4c8tJpj4pic.twitter.com/k4x0Ydw8gf — GEON (@GEONcom) January 30, 2021The merger will create a $1.1 trillion company that will include a variety of businesses including healthcare, media and technology, consumer brands, financial services and utilities.
The merger is expected to close in 2019.
The companies will retain ownership in GEON, but will operate separately.
Capps also announced that GEON will continue to focus on growth, innovation and commercialization.
The announcement came after GEON announced in April that it had reached an acquisition agreement with the Chinese internet giant Tencent, the country’s largest internet company.
The transaction is expected be worth about $1 billion and is expected have no effect on GEON’s operations.
Capps noted that the merger will allow GEON to focus its resources on growth and innovation.
The companies said in a statement that the companies will continue working together on the company’s core business, including its health and wellness business, and on business solutions that leverage GEON technology.CAPPS statement said the companies “will work together to achieve the goals of the merger,” and “the GEON board and management will continue as part of the GEONS core strategy.”CEO Steve A Capps and President and Chief Executive Officer David C Shen, both of whom have previously served on GEONS board, join GEON for the merger.