Benzinga | Aug 18, 2021 04:31PM EDT

ORBCOMM Announces FCC Approval of Acquisition by GI Partners

ORBCOMM Inc. (NASDAQ:ORBC), a global provider of Internet of Things (IoT) solutions, today announced that the Federal Communications Commission (FCC) has approved the transfer of control of ORBCOMM's FCC authorizations in connection with the previously announced acquisition of ORBCOMM by GI Partners, a leading US-based investor in data infrastructure businesses.

The FCC's approval satisfies one of the conditions to the closing of the proposed acquisition, which remains subject to other customary closing conditions. Subject to satisfaction of those conditions, the transaction is expected to be completed by early September of 2021. Upon completion of the proposed acquisition, ORBCOMM will become a privately-held company, and its common stock will no longer be listed on the Nasdaq Stock Market.