Benzinga | Apr 8, 2021 09:11AM EDT

ORBCOMM Stock Is Trading Higher On Being Acquired For $1.1B At 52% Premium

* Data infrastructure business investor GI Partners has agreed to acquire Internet of Things (IoT) solutions provider ORBCOMM Inc (NASDAQ: ORBC) for $1.1 billion, including net debt.

* ORBCOMM stockholders will receive $11.50 per share, representing a 52% premium on its April 7 closing share price.

* The arrangement will support ORBCOMM's strong momentum in the industrial IoT by raising its investment in sales, marketing, and technology innovation to accomplish its growth, long-term strategic plan, global market expansion, and flexibility as a privately-held company.

* Price action: ORBC shares traded higher by 52.4% at $11.54 in the premarket session on the last check Thursday.