Satellite communications provider Globecomm Systems Inc. (NASDAQ: GCOM) agreed to be taken private by investment firm Wasserstein & Co for about $340 million U.S.
Wasserstein's offer of $14.15 U.S. per share in cash represents a 1.7% discount to Globecomm's closing price on Friday.
The transaction is expected to be financed through cash provided by Wasserstein affiliates and other co-investors, and debt financing, Globecomm said in a statement.
Wasserstein & Co, founded by the late Bruce Wasserstein in 2001, has made deals worth $3 billion U.S. It manages the New York magazine, which is solely owned by the Wasserstein family.
The deal is expected to close in the fourth quarter of this year.
Globecomm shares fell 3.1%to $13.96 U.S. on the NASDAQ Index on Monday, trading well below the offer price. The stock had risen 24% to Friday since the company said in January that it was exploring strategic alternatives. The stock had been trading in a 52-week range of $10.11 U.S. to $14.91 U.S.
