Comtech Announces Definitive Agreement to Sell Most of Its Satellite and Space Communications Business to Gilat
Comtech Also Announces Amendments to Existing Credit Facilities and Convertible Preferred Stock Agreements to Strengthen Financial Flexibility
Transactions Represent a Successful Outcome of the Previously Announced Strategic Review Processes and Underscore the Company's Significantly Improved Financial and Operating Performance
Company Positioned to be a Public Safety Technology Leader with Strong Recurring Revenue, Long-Term Growth Opportunities and Improving Margin Profile
Comtech Telecommunications Corp. (NASDAQ: CMTL) (“Comtech” or the “Company”), a global communications technology leader, today announced that it has entered into a definitive agreement (the “Transaction”) to sell most of its Satellite and Space Communications (“S&S”) segment to Gilat Satellite Networks Ltd. (“Gilat”) (NASDAQ: GILT, TASE: GILT), and become a focused public safety technology company. The Transaction was unanimously approved by the boards of directors of both Comtech and Gilat.
