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Comtech Telecommunications Corp. picks up Gilat
Comtech Telecommunications Corp. has agreed to acquire Israel’s Gilat Satellite Networks in a cash and stock transaction valued at approximately USD 532.5 million.
The cash accretive transaction calls for USD 10.25 per Gilat ordinary share, of which 70% will be paid in cash and 30% in Comtech common stock. According to a press release, the combined companies would employ approximately 3,000 people and offer best-in-class satellite technology, public safety and location technology and secure wireless solutions to commercial and government customers around the world. The acquisition is expected to expand Comtech’s product portfolio with technologies that include Gilat’s TDMA-based satellite modems and its next generation solid-state amplifiers, as well as bolster the company’s research and development capabilities. Gilat was founded in 1987 and provides solutions and services in the satellite ground station and in-flight connectivity markets, with an emphasis on large network infrastructures. Comtech CEO Fred Kornberg said, “I am excited to have reached this agreement with Gilat and believe this combination is beneficial to the stakeholders of both companies. The acquisition better positions Comtech to take advantage of key marketplace trends, particularly the growing demand for satellite connectivity and the enormous long-term opportunity set that is emerging in the secure wireless communications market. I believe that the combination of accelerating satellite connectivity demand and the increasing availability of low-cost satellite bandwidth, makes this a perfect time to unify Comtech and Gilat’s solutions and offer our combined customers best-in-class platform-agnostic satellite ground station technologies. Gilat is an exceptional business that has developed extraordinary technology and has a well-respected product portfolio supported by strong research and development capabilities. I welcome Gilat’s entire talented workforce to the Comtech family.” Dov Baharav, chairman of the board of Gilat, said, “The Gilat Board of Directors and management believe this highly strategic combination is compelling. It is an excellent outcome for our shareholders who receive both cash and an equity interest in a strong company with a broader range of products and the benefits of combined expertise and resources that is well positioned to create future value against a highly favorable industry backdrop. I have long admired Comtech’s commitment to technology leadership and I firmly believe that employees will have expanded opportunities for career development. No doubt, the future will be very bright for Comtech and Gilat and all of our stakeholders.” Comtech COO Michael Porcelain has been promoted and named president of Comtech following the announcement and will collaborate with both Comtech and Gilat employees. Comtech CFO Michael Bondi will continue in his role with the combined company, and Comtech will maintain its headquarters in Melville, New York. No Comtech or Gilat facility locations are expected to be closed as a result of the transaction, the press release said.
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