Comtech To Acquire Gilat Satellite Networks - Quick Facts

(RTTNews) - Comtech Telecommunications Corp. (CMTL) has agreed to acquire Gilat Satellite Networks Ltd. (GILT) in a cash and stock deal with an enterprise value of approximately $532.5 million. Headquartered in Israel, Gilat is a leader in satellite networking technology, solutions and services.

Gilat shareholders will receive total consideration of $10.25 per share, comprised of $7.18 per share in cash and 0.08425 of a share of Comtech common stock for each share of Gilat held. Upon completion of the acquisition, Gilat's shareholders will own approximately 16.1% of the combined company.

Fred Kornberg, Comtech's CEO, will continue in his role as CEO of the combined company. Michael Bondi will continue as Chief Financial Officer. Comtech expects to maintain its annual targeted dividend of $0.40 per share.

Comtech also announced that it has acquired CGC Technology Limited for approximately $23.7 million, of which $11.6 million was settled in restricted stock and the remainder in cash. Based in the United Kingdom, CGC is a provider of high precision full motion fixed and mobile X/Y satellite tracking antennas, reflectors, radomes and other ground station equipment.