Juniper Networks Inc. announced Monday a definitive agreement to acquire privately held cable modem maker Pacific Broadband Communications for US$200 million in stock.

Pacific Broadband develops cable modem termination systems (CMTS) that enable cable operators to deliver IP (Internet Protocol) services such as voice over IP (VoIP), cable modem Internet access and video on demand over the last-mile cable infrastructure.

The acquisition has been approved by the board of directors of both companies and is subject to various closing conditions, including approval under the Hart-Scott-Rodino Antitrust Improvements Act.

The deal is expected to close in the fourth quarter.