Covad to Acquire GoBeam in Stock Deal

Covad Communications Group Inc., which sells high-speed Internet service, will buy GoBeam Inc. for $48 million in stock to acquire technology for making telephone calls on the Web.

GoBeam, a 50-employee company based in Pleasanton, Calif., that provides voice-over-Internet technology in California and Chicago, has annual sales of $6 million, compared with Covad’s 2003 sales of $388.9 million.

Shares of San Jose-based Covad fell 14 cents to $3.23 in over-the-counter trading.

From Bloomberg News