BRIEF-Comtech Announces Definitive Agreement To Sell Most Of Its Satellite And Space Communications Business To Gilat

Gilat Satellite Networks Ltd.
Comtech Telecommunications Corp.

Gilat Satellite Networks Ltd.

GILT

0.00

Comtech Telecommunications Corp.

CMTL

0.00

June 15 (Reuters) - Comtech Telecommunications Corp CMTL.O:

  • COMTECH ANNOUNCES DEFINITIVE AGREEMENT TO SELL MOST OF ITS SATELLITE AND SPACE COMMUNICATIONS BUSINESS TO GILAT

  • COMTECH TELECOMMUNICATIONS - DEAL VALUED AT $157.5 MILLION WITH $10 MILLION PAID AT SIGNING

  • COMTECH TELECOMMUNICATIONS - ANTICIPATES NET CASH PROCEEDS OF $143 MILLION-$145 MILLION FROM DEAL

  • COMTECH TELECOMMUNICATIONS - ANTICIPATES ANNUAL COST SAVINGS OF $11 MILLION-$13 MILLION AFTER TRANSITION

  • COMTECH TELECOMMUNICATIONS - 65% OF NET PROCEEDS TO PREPAY SENIOR SECURED CREDIT, 35% TO PREPAY SUBORDINATED DEBT

  • COMTECH TELECOMMUNICATIONS - ANTICIPATES $12 MILLION-$14 MILLION IN TRANSITION COSTS MOSTLY IN FISCAL 2027

Source text: ID:nBw7Gxc3ha

Further company coverage: CMTL.O


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