Cisco hires Barclays to sell Linksys
December 17, 2012 09.36 Europe/London By Robert Briel
Cisco Systems has hired Barclays to find a buyer for Linksys, which makes routers for home wireless access, said people familiar with the situation, reports Bloomberg.
Cisco wants to sell Linksys as part of its strategy to exit consumer businesses while expanding in corporate software and technology services.
The unit is likely to fetch much less than the $500 million Cisco paid for it in 2003.
Spokespersons for Cisco and Barclays declined to comment.
Cisco CEO John Chambers eliminated 7,800 jobs over the past year and closed businesses such as the Flip video-camera unit.
In addition to Linksys, Cisco also operates in the home market with its Scientific Atlanta set-top-box unit.
Last year, the company acquired the NDS Group for $5 billion.
Barclays is also advising Google on the sale of its Motorola Home Business, which sells set-top-boxes and equipment to cable-television-providers.