The companies’ boards of directors have unanimously approved the cash transaction, which is expected to close by the end of October, subject to regulatory approvals and customary closing conditions, Comtech said Thursday.
Ken Peterman, president and CEO of Comtech, remarked that the ongoing sale aligns with the company’s long-term vision.
“We are thrilled that our PST product line and associated team will have a tremendous opportunity to grow as part of Stellant. We intend to use the net proceeds from this transaction to… provide flexibility to achieve our near-term strategic goals,” he said.
Stellant aims to integrate the PST product line into its radio frequency amplification product portfolio to provide customers with expanded amplification options, including vacuum tube and solid state.
“PST’s market leading frequency and power capabilities with Gallium Nitride solid state power amplification combined with Stellant’s dominant frequency and power capabilities with travelling-wave tube power amplification creates, in our view, the technology leader in the market,” said Peter Manos, a managing partner at ACP.
Kirkland & Ellis acted as legal counsel to Stellant and ACP on the transaction, while Evercore and Morgan Lewis served as financial adviser and legal counsel, respectively, to Comtech.
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