Business |
Sierra Wireless completes acquisition of Numerex
In connection with the completion of the merger, Numerex has become a wholly-owned subsidiary of Sierra Wireless and Numerex common stock will be delisted from the Nasdaq.
“The acquisition of Numerex accelerates our IoT device-to-cloud strategy by adding an established customer base, proven solutions and recurring revenue scale,” said Jason Cohenour, President and CEO of Sierra Wireless. “We are pleased that Numerex stockholders voted in favor of the transaction on Dec. 6, and believe that the combination of the two companies creates a clear global leader in IoT services and solutions.”
In accordance with the terms of the agreement, Sierra Wireless issued 3,588,784 common shares as merger consideration in exchange for all of the outstanding shares of Numerex common stock and certain outstanding Numerex equity awards and warrants. Additionally, approximately USD 24 million in the aggregate was paid at closing to retire outstanding Numerex debt and to repurchase an outstanding Numerex warrant.
