Goodman Networks acquires Multiband
Sep 02, 2013 (MarketLine Financial Deals Tracker via COMTEX) --
Goodman Networks, Inc., a telecommunications equipment services company, has acquired all the shares of Multiband Corporation, a provider of voice, video, and data systems and services. Both the companies are based in the US.
Following the transaction, Multiband will operate as a wholly-owned subsidiary of Goodman Networks.
Announcement (May 22, 2013):
Goodman Networks has signed a definitive agreement to acquire all the shares of Multiband.
Under the terms of the agreement, Goodman will pay $3.25 per Multiband common share, redeem all of its outstanding preferred stock and repay outstanding bank indebtedness in an all cash transaction totaling approximately $116 million.
This represents a premium of approximately 26% over the closing price of Multiband's common stock on May 21, 2013 and a premium of approximately 47.6% over its average closing price during the 90 days ended on May 21, 2013.
Craig-Hallum Capital Group, LLC is acting as financial advisor, while Winthrop & Weinstine, P.A. is acting as legal advisor to Multiband and its Board of Directors. Jefferies LLC and Credit Suisse are acting as financial advisors, while Haynes and Boone, LLP and Dorsey & Whitney LLP are acting as legal advisors to Goodman Networks.
The transaction is expected to close in the third quarter of 2013.
Deal Value (US$ Million) 116
Deal Type Acquisition
Sub-Category 100% Acquisition
Deal Status Completed: 2013-08-30
Target (Company) Multiband Corporation
Acquirer (Company) Goodman Networks, Inc.
The acquisition is complementary to Goodman Networks and will provide value to customers, investors and employees of both companies.
Bid Premium ($ per share) 26
[ Back To Technology News's Homepage ]