GI Partners to Acquire Orbcomm

Published on 4/12/2021 12:09:17 PM

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Orbcomm has entered into a definitive agreement to be acquired by private equity firm GI Partners, the company announced April 8.

GI Partners made an all-cash transaction that values Orbcomm at approximately $1.1 billion including net debt. Under the agreement, stockholders will receive $11.50 per outstanding share of common stock once the deal closes.

“This transaction will provide immediate and substantial value to Orbcomm stockholders, reflecting the tremendous commitment and work of our employees and stakeholders,” Orbcomm CEO Marc Eisenberg said in a statement. “The partnership with GI Partners will provide us the opportunity to rapidly advance our long-term strategy.”

Orbcomm hopes the acquisition will help support its momentum in the industrial Internet of Things space since it increases investment in sales, marketing and technology innovation. That will be used to accelerate growth, execute on its long-term strategic plan and global market expansion, and provide added flexibility as a privately held company.

Orbcomm’s board of directors unanimously approved the transaction and recommends stockholders vote in favor of the deal at a special meeting. The meeting will be held after the filing of a definitive proxy statement with the SEC and subsequent mailing to stockholders.

“Orbcomm has a long history of innovation, providing mission-critical services to customers across the global logistics landscape and a broad range of other industries,” Mark Prybutok, managing director of GI Partners, said in a statement. “We are excited to work with the Orbcomm team to take the business forward as IoT use cases continue to evolve and grow.”

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