Wasserstein & Co. to Acquire Globecomm Systems
Hauppauge, New York, August 29, 2013 — An affiliate of private equity and investment firm Wasserstein & Co. has entered into a definitive agreement to acquire Globecomm Systems for US$ 14.15 per share or about US$340 million in cash.
Globecomm announced the purchase price represents a premium of 21.9 percent over the closing price on January 14, 2013, the day on which Globecomm said it had retained Needham & Company to assist it in a review of potential strategic alternatives to enhance shareholder value.
David Hershberg, Chairman and CEO of Globecomm, said the transaction is in the best interest of the company’s shareholders, customers, partners and employees. He added, “Wasserstein & Co. has a proven track record of helping companies build on their success."
The deal was unanimously approved by Globecomm’s Board of Directors and is expected to be completed in the fourth calendar quarter of 2013. The merger is subject to antitrust clearance and other governmental approvals, Globecomm stockholder approval, the satisfaction of certain financial conditions and other conditions.
The transaction is expected to be financed through a combination of cash provided by Wasserstein & Co. affiliates and other co-investors, as well as debt financing. A news release has stated that Highbridge Principal Strategies, LLC has committed to help finance the deal.
Anup Bagaria, co-Managing Partner of Wasserstein & Co., said they believe Globecomm’s successful investments in new product development will drive future growth in both the company's existing and new markets.
Wasserstein & Co., with offices in New York and Los Angeles, is an independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. It manages capital on behalf of institutional and individual investors. The firm is focused on investments primarily in the media, consumer products and water equipment and services industries.
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