requirements. The Company also believes this measure, when enterprise, in-flight connectivity, maritime, trains, defense and Kornberg said Comtech sells amplifiers to aviation connectivity customers, while Gilat sells modems. Comtech Telecommunications Corp. and Gilat Satellite Networks Ltd. jointly announced that Comtech has agreed to acquire Gilat in a cash and stock transaction for $10.25 per Gilat ordinary share of which 70% will be paid in cash and 30% in Comtech common stock, resulting in an enterprise value of approximately $532.5 million. second half of 2020 will be meaningfully better than the first from period to period. public safety, all while meeting the most stringent service level Gilat Satellite Networks was founded in 1987 by brothers Joshua and Amiram Levinberg, Yoel Gat, Shlomo Tirosh, Arik Keshet, and Gideon Kaplan. Copyright Advanced Television Ltd © 2001–2020 Our Website uses cookies to improve your experience. Company’s performance to that of prior periods and evaluate the Gilat’s directors, executive officers and certain significant shareholders holding approximately 45% of Gilat’s issued and outstanding shares in the aggregate have entered into voting agreements pursuant to which they have agreed, subject to certain terms and conditions, to vote in favor of the transaction. statements.Non-GAAP presentations of net income, operating Gilat's AVP Finance has been appointed as Gilat's interim CFO, and I have long admired Comtech’s commitment to technology leadership and I firmly believe that employees will have expanded opportunities for career development.
Both companies’ talented global workforces are expected to remain in place and focus intently on meeting all customer commitments and expectations, including supporting all existing products, services and agreements. Once the transaction closes, Comtech will provide combined revenue, Adjusted EBITDA and diluted earnings per share guidance in a future announcement. The Israeli satellite networks company's share price is up sharply today on reports it might be acquired at a premium by an international company. Gilat believes that no Material Adverse Effect under the Merger Agreement has occurred and that Comtech’s complaint is nothing more than an effort to avoid its clear contractual obligation to acquire Gilat, due to Comtech’s own rapidly deteriorating performance.”“Gilat intends to vigorously defend its position in connection with the claims raised by Comtech and all related matters. Comtech Telecommunications Corp. to Acquire Gilat Satellite Networks for $532.5 Million in a Strategic and Cash Accretive Transaction.
Gilat Satellite Networks Ltd. (Nasdaq: GILT ; TASE: GILT ) is soaring on reports that an international company is in talks to acquire … Comtech expects the loan to have a cash interest rate of 4-5% annually, though the exact terms are not finalized. ET. to Gilat’s 90-day volume-weighted average trading priceUpon completion of the transaction, Gilat’s shareholders will own approximately 16.1% of the combined company.
Based on expected strong cash flows to be generated from the combined businesses, net leverage twelve months after closing will decrease to approximately 3.00x.
In a Jan. 29 earnings call, Comtech executives said advances in satellite communications technologies, coupled with growing demand for inflight connectivity, 5G backhaul over satellite, and secure military communications are driving demand for satellite ground infrastructure.
The proposed transaction will be submitted to the shareholders of Gilat for their consideration. On a pro forma basis including preliminary estimated combined acquisition plan expenses of approximately $27.0 million, the repayment of Gilat bank debt and funding of Comtech’s other pending acquisitions, Comtech would have approximately $45.0 million of unrestricted cash at closing with total net debt of approximately $500.0 million or net leverage of 3.85x. Comtech Telecommunications Corp. to Acquire Gilat Satellite Networks for $532.5 Million in a Strategic and Cash Accretive Transaction Business Wire MELVILLE, N.Y., & PETAH TIKVA, Israel -- …
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