Melville-based Comtech Telecommunications Corp. Monday announced that it has cleared an antitrust hurdle in its pending acquisition of a Maryland company.
The maker of satellite, communications and electronic warfare systems said that the waiting period under the Hart-Scott-Rodino Antitrust Act had expired. That brings the TeleCommunications Systems Corp. acquisition — with an equity value of about $339.7 million when the deal was announced in November — nearer to closing.
TCS sells products to government agencies and wireless carriers for cybersecurity, location-based services and messaging.
The tender offer at $5 per share is scheduled to expire Jan. 5.
In a first quarter earnings conference call Dec. 10, Comtech chief executive Stanton Sloane said the acquisition would “more than double” the company’s annual revenue base.
“Once we close the acquisition of TCS, our company will look markedly different and I believe we have put ourselves in position to achieve meaningful, sustainable growth,” he said.
Shares of Comtech closed up 9 cents Monday to $19.75 and were unchanged in early after-hours trading.