SpaceTech 2023 - Banner

U.S. investment firm pays hefty 52% premium for Orbcomm

Paris, 9 April 2021. – Going private: The IoT specialist Orbcomm agreed to be acquired by the U.S. investment firm GI Partners, valuing the company at $1.1 billion, Orbcomm said.

The Nasdaq-listed firm, a global provider of Internet of Things (IoT) solutions, said it entered into a “definitive agreement” to be acquired, in an all-cash transaction, by GI Partners, a private investment firm based in San Francisco.

Orbcomm’s stockholders will receive $11.50 in cash per outstanding share of common stock upon closing of the transaction, representing a premium of 52% to Orbcomm’s closing share price on 7 April and a 50% premium over the 90-day volume-weighted average share price through that date, Orbcomm said.

Orbcomm describes itself as “a global leader and innovator in the industrial Internet of Things, providing solutions that connect businesses to their assets to deliver increased visibility and operational efficiency”. The company offers asset monitoring and control solutions, including satellite and cellular connectivity, hardware and applications.

Check Also

EU SST

EU SST Wins T.S. Kelso Award for Flight Safety Contributions

Space Data Association has announced The European Union Space Surveillance and Tracking Partnership (EU SST) as the recipient of the T.S. Kelso Award in recognition of outstanding contributions to space flight safety. The EU SST Partnership relies on the SSA capabilities of 15 Member states of the European Union to provide space safety services, with the EU Agency for the Space Programme (EUSPA) acting as the Front Desk.