- ORBCOMM (NASDAQ:ORBC) to be acquired by GI Partners, a leading US-based investor in data infrastructure businesses, in an all-cash transaction of ~$1.1B, including net debt.
- ORBCOMM stockholders will receive $11.50 in cash per outstanding share, representing a premium of ~52% to closing share price on April 7 and a 50% premium over the 90-day volume-weighted average share price through that date.
- “This transaction will provide immediate and substantial value to ORBCOMM stockholders, reflecting the tremendous commitment and work of our employees and stakeholders. The partnership with GI Partners will provide us the opportunity to rapidly advance our long-term strategy,” said Marc Eisenberg, ORBCOMM’s Chief Executive Officer. “GI Partners has an established track record of working with companies to accelerate growth, and we look forward to continuing to drive innovation, providing world-class service to our global customers and expanding our market share in the industrial IoT as a privately held company.”
- The deal is expected to close in the second half of 2021.
- ORBCOMM will become a privately-held company and its stock will no longer be listed on the Nasdaq.
Recommended For You
More Trending News
See More »