OSLO, NORWAY – Telecom power systems supplier Eltek is buying Valere Power for cash and stock worth up to $130 million, the company said today. Eltek will pay Valere shareholders $83 million in cash plus stock equal to 9.1% of Eltek Energy AS and 9.9% of a joint venture. The total value of the acquisition is between $120 and $130 million, Eltek said. Valere Power is backed by private equity investors, including Alcatel Ventures, Dali-Hook Partners, JP Morgan Partners and Sierra Ventures. Valere Power had revenues of $88 million in 2006 and expects revenues up to $130 million in 2007, Eltek said. Valere's first-quarter revenues grew 44% year-over-year to $26.2 million. Valere chief executive and founder Andrew Marsh will become CEO of the new company, while the current head of Eltek Energy, Knut Aven, will become vice president for international telecom sales.