Private equity firm GI Partners plans to buy satellite operator Orbcomm, which specializes in connecting industrial monitoring devices, for about $1.1 billion including net debt.
The deal comes shortly after Orbcomm wrapped up two years of financial optimization efforts, following a series of its own acquisitions to expand in the industrial internet-connected device and machine-to-machine (M2M) communications market.
“The partnership with GI Partners will provide us the opportunity to rapidly advance our long-term strategy,” Orbcomm CEO Marc Eisenberg said.
“GI Partners has an established track record of working with companies to accelerate growth, and we look forward to continuing to drive innovation, providing world-class service to our global customers and expanding our market share in the industrial IoT as a privately held company.”
Source: Space News
By Jason Rainbow
