Hytera to acquire Norsat

Norsat International Inc, a provider of communications solutions for remote applications has announced today (27 March) that it has entered into an arrangement agreement with a subsidiary of Hytera, under which Hytera will acquire all of Norsat’s shares for US$10.25 in cash per share, valuing the transaction at approximately US$62 million (£49.29 million).

Norsat’s products and services include product design and development, production, distribution and infield support and service of fly-away satellite terminals, microwave components, Radio Frequency (RF) conditioning products, maritime based satellite terminals and remote network connectivity solutions.

“After discussions with multiple parties and a comprehensive review of several indications of interest with respect to a strategic transaction, we are very pleased to have reached an agreement with Hytera. We believe this all-cash transaction offers Norsat shareholders immediate liquidity and certainty of value. We thank our shareholders for their patience and support during the strategic review, a process that has ultimately surfaced significant value for all Norsat shareholders,” said Fabio Doninelli, Norsat’s director and chairman of the board.

Norsat’s independent directors have unanimously determined that the arrangement is in the best interests of Norsat and its shareholders and the board’s advisors have said that the shareholders should consider it financially fair (subject to some assumptions, limitations and qualifications).