Acquisition of Globecomm Systems completed
Globecomm Systems Inc. in Hauppauge, in an updated photo, which specializes in communications, was silent Dec. 11, 2013, on plans. Credit: Handout
Wasserstein & Co. has completed its $340-million purchase of Globecomm Systems, the leveraged buyout firm said Wednesday.
Shareholders of 19-year-old Globecomm, based in Hauppauge, will receive $14.15 per share under an agreement approved in November. Globecomm stock closed at $14.10 per share Wednesday.
A Globecomm spokeswoman declined to comment on Wasserstein's plans for the company, whose satellite and wireless communications systems are used by mainstream television broadcasters, government agencies, NATO and the U.S. Army.
Wasserstein & Co., based in Manhattan, invests primarily in media, consumers products and water equipment and services.
The private equity firm's portfolio companies include premium juice company Odwalla, MasterCraft Boat Co. and Harry & David, the gourmet food gift firm.
In September, Globecomm reported revenue of $80.6 million for the quarter ended June 30, a 23.1 percent decline from the year-earlier period. Earnings fell 35.7 percent to $4.6 million, or 20 cents a share.
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