RTTNews | Apr 8, 2021 08:49AM EDT

08:48 Thursday, April 8, 2021 (RTTNews.com) - ORBCOMM Inc. (ORBC), a global provider of Internet of Things (IoT) solutions, announced Thursday that it has agreed to be acquired by GI Partners, a US-based data infrastructure businesses investor, in an all-cash transaction that values ORBCOMM at approximately $1.1 billion, including net debt.

Under the terms of the agreement, ORBCOMM stockholders will receive $11.50 in cash per outstanding share of common stock upon closing of the transaction, representing a premium of approximately 52% to ORBCOMM's closing share price on April 7.

ORBCOMM's Board of Directors has unanimously approved the transaction and recommends that ORBCOMM's stockholders vote in favor of the transaction.

The transaction is expected to close in the second half of 2021, following the satisfaction of customary closing conditions, including approval by ORBCOMM stockholders and the receipt of required regulatory approvals.

Upon completion of the transaction, ORBCOMM will become a privately-held company and its common stock will no longer be listed on the Nasdaq Stock Market.

Read the original article on RTTNews ( https://www.rttnews.com/3183494/orbcomm-to-be-taken-private-by-gi-partners-in-1-1-bln-all-cash-deal-quick-facts.aspx)

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