Cookies help us deliver the best experience on our website. By using our website, you agree to our use of cookies Dismiss

Wasserstein buys Globecomm

David Hershberg, Globecomm David Hershberg, Globecomm

Globecomm Systems has announced that private equity and investment firm Wasserstein & Co. is to acquire it for approximately $340 million.

Globecomm’s maritime division provides a range of communications products for the maritime industry, including VSAT, Inmarsat, Iridium and Thuraya systems as well as a host of value added software products.

An affiliate of Wasserstein has entered into a definitive agreement to acquire Globecomm for $14.15 per share in cash, says the communications solutions provider based in Hauppauge, New York.

The merger is subject to antitrust clearance and Globecomm stockholder approval, but it has been unanimously approved by Globecomm’s board of directors and is expected to be completed in the fourth calendar quarter of 2013.

The share price of $14.15 is 21.9 per cent higher than the closing price on January 14th, 2013, the day on which Globecomm announced that it had retained Needham & Company to assist it in a review of potential strategic alternatives to enhance shareholder value.

The transaction is expected to be financed through a combination of cash provided by Wasserstein & Co. affiliates and other co-investors, as well as debt financing.

“We believe that this transaction is in the best interest of our shareholders, customers, partners and employees. Wasserstein & Co. has a proven track record of helping companies build on their success,” said David Hershberg, chairman and CEO of Globecomm.

Anup Bagaria, co-managing partner of Wasserstein & Co, also commented that “Globecomm is a leader in developing and managing complex communications solutions with a strong track record of growth and innovative engineering that leverages its global communications network.”

“Globecomm has also made successful investments in new product development that we believe will drive future growth in both the company's existing and new markets.”

Related items

Joomla SEF URLs by Artio

Login/Register

Register or Login to view even more of our content. Basic registration is free.

Register now

Digital Ship magazine provides the latest information about maritime satellite communications technology, software systems, navigation technology, computer networks, data management and TMSA. It is published ten times a year.

 

Address:
Digital Ship Ltd
United House
North Road
London
N7 9DP
United Kingdom

Copyright © 2019 Digital Ship Ltd. All rights reserved           Cookie Policy         Privacy Policy