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UPDATE 1-Network gear maker Orbcomm to go private in $909 mln deal

Reuters logo Reuters 4/8/2021

(Adds premium, details on go-shop period, background)

April 8 (Reuters) - Network gear maker Orbcomm Inc said on Thursday it would be taken private by private equity firm GI Partners for about $909 million.

As per the deal, Orbcomm stockholders will receive $11.50 per share in cash, representing a premium of about 52% to the company's closing share price on Wednesday.

The deal is valued at about $1.1 billion, including net debt, and is expected to close in the second half of 2021.

Orbcomm makes products such as telematics devices, modems and cellular wireless SIMs. GI Partners is an investor in data infrastructure businesses.

Orbcomm said it could look for alternative acquisition proposals during a 30-day "go-shop" period that would expire on May 7. (Reporting by Ankit Ajmera in Bengaluru; Editing by Amy Caren Daniel and Aditya Soni)


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