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CNT (Nasdaq: CMNT), a Minnesota-based global storage networking specialist, on Monday signed a definitive agreement with North Carolina’s SPX (NYSE: SPW) to acquire Inrange Technologies (Nasdaq: INRG) for $190 million in cash. Lumberton-based Inrange is a subsidiary of SPX. Under the terms of the agreement, CNT will pay $2.31 per Inrange share for a 91% interest in the company. It will acquire the remainder of the shares at the same price by a merger immediately following the acquisition from SPX. The boards of directors of CNT and SPX have unanimously approved the agreement.The purchase price represents a 4% premium above Inrange’s closing stock price of $2.22 on Friday. Upon completion of the acquisition, CNT will be one of the world’s largest providers of complete storage networking products, solutions and services, with 2002 pro forma annual revenues of $435 million.The transaction is subject to antitrust clearance and customary closing conditions and is expected to close in the second quarter of 2003.CNT expects the acquisition to be accretive to earnings per share by at least 10% in 2003 and to achieve annual cost savings of between $10 million and $15 million to be fully phased in by early 2004.Inrange, which had revenues of $223.6 million in 2002, designs, manufactures, markets and services switching and networking products for storage and data networks. At the close of trading, the company’s shares were up $0.06 to $2.28.