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  • Friday, November 22, 2024

Comtech Completes Estimated $431M Purchase of TCS; Stanton Sloane Comments


acquisitionComtech Telecommunications (Nasdaq: CMTL) has wrapped up its acquisition of TeleCommunication Systems for approximately $430.8 million in cash.

TCS stockholders secured cash of $5.00 per share as the company’s common stock ceased trading on the Nasdaq Global Market at market close Tuesday following the completion of the purchase, Comtech said Tuesday.

Comtech agreed to acquire TCS in November 2015 in an effort to expand in the U.S. public safety and government contracting markets.

“The acquisition provides a transformational opportunity for Comtech and is a significant step in our strategy of entering complementary markets and expanding our domestic and international commercial offerings, ” said Stanton Sloane, president and CEO of Comtech.

Stock certificate holders can submit their certificates to American Stock Transfer & Trust, the paying agent for the transaction, in exchange for $5.00 per share in cash without interest.

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