GI Partners is a private investment firm based in San Francisco, California, with a primary investment focus on Healthcare, IT Infrastructure, Services, and Software sectors. On the other hand, ORBCOMM provides IoT solutions for asset monitoring and control to deliver increased visibility and operational efficiency.
“This transaction will provide immediate and substantial value to ORBCOMM stockholders, reflecting the tremendous commitment and work of our employees and stakeholders. The partnership with GI Partners will provide us the opportunity to rapidly advance our long-term strategy,” said Marc Eisenberg, Chief Executive Officer of ORBCOMM.
“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.”
Under the terms of the agreement, ORBCOMM stockholders will receive $11.50 in cash per outstanding share of common stock upon the close of this transaction, representing a premium of approximately 52% to ORBCOMM’s closing share price on April 7th and a 50% premium over the 90-day volume-weighted average share price through that date.
“ORBCOMM has a long history of innovation, providing mission-critical services to customers across the global logistics landscape and a broad range of other industries. We are excited to work with the ORBCOMM team to take the business forward as IoT use cases continue to evolve and grow,” said Mark Prybutok, Managing Director of GI Partners.
As announced, both companies expect the transaction to close in Q2 2021, subject to the satisfaction of customary closing conditions and reception of regulatory approval.