Comtech Telecommunications Corp., a Melville-based maker of satellite, communications and electronic warfare systems, said Friday it will buy more than 88 percent of the shares of a Maryland communications gear company. Comtech will spend $279 million for the shares.
The deal, which was delayed three times to extend the deadline for TeleCommunication Systems Inc. shareholders to tender their shares, will close on Feb. 23.
Comtech said it will pay $5 per share.
Comtech’s stock rose 0.21 percent in midmorning trading, to $19.64.
Shares of TeleCommunication Systems ticked up by 0.02 percent, to $4.99.
Comtech first announced in November that it planned to acquire the maker of communications gear used in satellite and mobile networks. It initially set a Jan. 5 deadline to receive a majority of TeleCommunication Systems shares.
By the most recent deadline at 5 p.m. Thursday, nearly 55.9 million shares had been tendered, Comtech said. Those who did not tender shares will have the right to the same $5 per share price. After the merger, TeleCommunication Systems’ shares will no longer be traded on the Nasdaq Stock Market, Comtech said.