Comtech Telecommunications completes acquisition of TeleCommunication Systems
(23 February 2016) Comtech Telecommunications has closed its strategic and cash accretive acquisition of TeleCommunication Systems (TCS).
TCS stockholders received $5.00 per share in cash. As a result of the completion of the merger, the common stock of TCS is no longer listed for trading on the NASDAQ Global Market or any other exchange and trading ceased at the close of the markets on February 23, 2016.
Dr. Stanton Sloane, President and Chief Executive Officer of Comtech, commented, “We are excited to close the acquisition of TCS. 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.”
Dr. Sloane added, “We continue to work hand in hand with TCS to integrate our two great companies and look forward to providing additional information about the close of the transaction on our second quarter financial results conference call which is scheduled to occur in March 2016.”
About Comtech Telecommunications Corp.
Comtech Telecommunications Corp. designs, develops, produces and markets innovative products, systems and services for advanced communications solutions. Comtech sells products to a diverse customer base in the global commercial and government communications markets. Comtech believes it is a leader in most of the market segments that it serves.
(source: Comtech Telecommunications)
