Hytera Communications Finalizes Acquisition of Norsat
Norsat International announced that it has entered into an amended arrangement agreement with Hytera Project, a subsidiary of Hytera Communications, under which Hytera will acquire all the issued and outstanding shares of Norsat for $11.25 per share. The proposed transaction values Norsat at an equity value of approximately $69 million.
The agreement comes following an offer from Private Fund Management to acquire Norsat for $11 per share. After Norsat notified Hytera of the offer, Hytera returned with a superior proposal that Norsat’s independent board of directors ultimately decided was in the best interest of Norsat and its shareholders.
According to Norsat, the new arrangement will be subject to a number of customary conditions, including the approval of Norsat securityholders and certain regulatory approvals including under the Investment Canada Act.
“We are pleased that we were able to conclude a revised agreement with Hytera. We continue to believe this all-cash transaction offers Norsat shareholders immediate liquidity and certainty of value,” said Fabio Doninelli, director and chairman of Norsat’s board of directors.