Comtech telecommunications corp. to acquire gilat satellite networks for $532.5 million

Comtech telecommunications corp. to acquire gilat satellite networks for $532.5 million in a strategic and cash accretive transaction.comtech telecommunications corp - has agreed to acquire gilat in a cash and stock transaction for $10.25 per gilat ordinary share.comtech telecommunications corp - acquisition of gilat is expected to be cash accretive to comtech during first twelve months post-closing.comtech telecommunications corp - fred kornberg, ceo, will continue in his role as ceo of combined company.comtech telecommunications corp - both companies' global workforces are expected to remain in place.comtech telecommunications corp - michael bondi will continue in his role as chief financial officer of combined company.comtech telecommunications corp - upon completion of transaction, gilat's shareholders will own approximately 16.1% of combined co.comtech - total consideration of $10.25 represents a premium of approximately 14.52% to gilat's 90-day volume-weighted average trading price.comtech telecommunications - expects to fund deal by redeploying portion of $100.0 million of pro forma combined cash and cash equivalents.comtech telecommunications - expects to fund acquisition by drawing on new $800.0 million secured credit facility.comtech telecommunications - expects that it will maintain its annual targeted dividend of $0.40 per share.
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