Satellite AIS data provider ORBCOMM has entered into an agreement to be acquired by GI Partners, a US-based investor, in an all-cash transaction that values ORBCOMM at approximately $1.1 billion, including net debt.
The investment will support ORBCOMM’s development in the industrial IoT sector as it increases its investment in sales, marketing and technology innovation to accelerate growth.
“The partnership with GI Partners will provide us the opportunity to rapidly advance our long-term strategy,” said Marc Eisenberg, ORBCOMM’s Chief Executive Officer.
“GI Partners has an established track record of working with companies to accelerate growth, and we look forward to continuing to drive innovation, providing world-class service to our global customers and expanding our market share in the industrial IoT as a privately held company.”
A special meeting of ORBCOMM’s stockholders will be held as soon as practicable to vote on the acquisition, with the Board of Directors unanimously approving and recommending the transaction.
The parties expect the transaction to close in the second half of 2021. Upon completion, ORBCOMM will become a privately-held company and its stock will no longer be listed on the Nasdaq.
