Hexagon To Acquire Novatel
[10-08-07 – Satellite Today] Hexagon AB has agreed to acquire Novatel Inc. and all their outstanding shares for $50 per share, Novatel announced Oct. 8.
The total purchase price of the transaction is approximately $390 million, a 31 percent premium to Novatel’s cash balance as of June 30, 2007. Novatel’s board of directors has approved the deal, and it is supported by the senior management. The tender offer will be mailed to Novatel shareholders about the middle of October, and the deal is expected to be completed during the fourth quarter of this year.
Novatel is a leading provider of precision Global Navigation Satellite System (GNSS) components and subsystems.