ORBCOMM (NASDAQ: ORBC), a leading provider of ELD and other Internet of Things (IoT) technologies, is in the process of being acquired by private equity firm GI Partners.
ORBCOMM’s price is $ 11.50 per share. That’s a significant premium over Wednesday’s closing price on the Nasdaq of $ 7.57 per share. The company’s 52-week high is $ 9.25 per share, recorded on Jan.21. The approximately 52% premium over the current share price is within the average of the 50% premium over the 90 day volume weighted average share price.
The total value of the transaction was estimated at $ 1.1 billion, including debt. Last October, ORBCOMM completed a debt refinancing for $ 250 million in new debt.
On the company’s fourth quarter 2020 conference call in February, CEO Marc Eisenberg said the company has no real plans to merge and acquire this year. In the last few years, maybe, but not this year. The question was asked by an analyst as to the possibility of ORBCOMM making acquisitions, but not being acquired.
GI is based in San Francisco. He described himself as having raised $ 26 million and invested primarily in healthcare, information technology and software.
FreightWaves will have more coverage on this story later Thursday.
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