Cisco has announced a definitive agreement to acquire the set-top box business of DVN Limited. Listed in Hong Kong with major operations in China, DVN is a market and technology expert in digital cable solutions in China.

Under the terms of the agreement, Cisco will pay up to $44.5 million for the set-top box business of DVN. Of this amount, approximately $17.5 million will be paid up front, with an additional maximum amount of $27 million to be paid over four years based on the achievement of specific sales milestones. The acquisition is expected to close in the first half of calendar year 2010 subject to standard closing conditions, DVN shareholder approval and regulatory approvals.

In addition to the acquisition, Cisco has entered into a go-to-market alliance with the remainder of the DVN organisation — which will continue to be led by current DVN CEO Terry Lui — in order to utilise the company’s middleware and advanced applications as well as integration and support services.

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