Comtech Buys Gilat
Comtech buys Gilat.
Comtech Telecommunications buys Gilat Satellite Networks for $532.5 million.
Founded in 1987 and based in Petah Tikva, Israel, Gilat focuses on satellite networking tech solutions and services. Its product group includes a cloud-based VSAT network platform, high-speed modems, high-performance on-the-move antennas, and high-efficiency, high-power amplifiers. It holds a top place in the satellite ground station and in-flight connectivity markets, with a deep ability operating big network arrangements.
The joint firms will drive global market access creating a world leader with joint sales of $1.0 billion. This will boost Comtech’s position as a top supplier of better comm solutions, adept in serving the need for ground infrastructure to support existing and emerging satellite networks. It expands Comtech’s product portfolio with complementary tech such as Gilat’s high-performance TDMA-based satellite modems and its next-generation solid-state amplifiers.
Fred Kornberg of Comtech said: ‘I am excited to have reached this agreement with Gilat and believe this combination is good for 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. Combining 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 joint 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 of Gilat said: ‘The Gilat Board of Directors and management believe this highly strategic combination is compelling. It's an excellent outcome for our shareholders who get both cash and an equity interest in a strong company with a broader range of products and the benefits of joint ability and resources that are 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 bright for Comtech and Gilat and all our stakeholders.’
Goldman Sachs served as financial advisor to Comtech. Proskauer Rose and Goldfarb Seligman served as legal advisors.
Alnitak Capital, Jefferies, and Quilty Analytics served as financial advisors to Gilat. Naschitz Brandes Amir served as legal advisor.
Comtech Telecommunications buys Gilat Satellite Networks for $532.5 million.
Founded in 1987 and based in Petah Tikva, Israel, Gilat focuses on satellite networking tech solutions and services. Its product group includes a cloud-based VSAT network platform, high-speed modems, high-performance on-the-move antennas, and high-efficiency, high-power amplifiers. It holds a top place in the satellite ground station and in-flight connectivity markets, with a deep ability operating big network arrangements.
The joint firms will drive global market access creating a world leader with joint sales of $1.0 billion. This will boost Comtech’s position as a top supplier of better comm solutions, adept in serving the need for ground infrastructure to support existing and emerging satellite networks. It expands Comtech’s product portfolio with complementary tech such as Gilat’s high-performance TDMA-based satellite modems and its next-generation solid-state amplifiers.
Fred Kornberg of Comtech said: ‘I am excited to have reached this agreement with Gilat and believe this combination is good for 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. Combining 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 joint 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 of Gilat said: ‘The Gilat Board of Directors and management believe this highly strategic combination is compelling. It's an excellent outcome for our shareholders who get both cash and an equity interest in a strong company with a broader range of products and the benefits of joint ability and resources that are 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 bright for Comtech and Gilat and all our stakeholders.’
Goldman Sachs served as financial advisor to Comtech. Proskauer Rose and Goldfarb Seligman served as legal advisors.
Alnitak Capital, Jefferies, and Quilty Analytics served as financial advisors to Gilat. Naschitz Brandes Amir served as legal advisor.
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