IoT company ORBCOMM Inc. has announced the completion of its acquisition by investment management firm GI Partners for $1.1 billion, including net debt.
The provisions of the deal, announced in April, will have ORBCOMM stockholders receive $11.50 in cash per outstanding share of common stock, which represents 52 percent of the company’s closing share price on April 7.As far back as the 1990s, ORBCOMM has pioneered remote tracking and monitoring via satellite.
As far back as the 1990s, ORBCOMM has pioneered remote tracking and monitoring via satellite.
Because of the acquisition, ORBCOMM will become a privately held company, with its stock no longer trading on Nasdaq, the company said. “As a privately held company, we will have the resources and flexibility to accelerate growth by enhancing our operations, fast-tracking innovation, entering new markets, and focusing on customer success,” said Marc Eisenberg, ORBCOMM’s CEO, in a statement.
Contact: ORBCOMM, www.orbcomm.com.