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Orbcomm to be acquired by private equity firm
Posted: Sun, Apr 11, 2021, 11:36 AM ET (1536 GMT)
Orbcomm announced Thursday it will be acquired by a private equity company. GI Partners, which invests in data infrastructure, is paying $11.50 in cash per share of Orbcomm stock, valuing the company at $1.1 billion. Orbcomm operates a network of satellites to provide machine-to-machine connectivity in markets like logistics. the deal is expected to close in the second half of the year, pending approval by Orbcomm shareholders and regulatory approvals.
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