Mon Aug 26, 2013 11:03am EDT
(Reuters) – Satellite communications providerGlobecomm Systems Inc agreed to be taken private by investment firm Wasserstein & Co for about $340 million.
Wasserstein’s offer of $14.15 per share in cash represents a 1.73 percent discount to Globecomm’s closing price on Friday.
Globecomm shares fell 3 percent to $13.95 on the Nasdaq on Monday morning, trading well below the offer price. The stock had risen 24 percent to Friday since the company said in January that it was exploring strategic alternatives.
The transaction is expected to be financed through cash provided by Wasserstein affiliates and other co-investors, and debt financing, Globecomm said in a statement.
Wasserstein & Co, founded by the late Bruce Wasserstein in 2001, has made deals worth $3 billion. It manages the New York magazine, which is solely owned by the Wasserstein family.
The deal is expected to close in the fourth quarter of this year.
Needham & Co was the financial adviser to Globecomm for the deal, while Kramer Levin Naftalis & Frankel LLP was the legal counsel.
Jones Day is the legal adviser to Wasserstein, and U.S. Space LLC advised the investment firm.
(Reporting by Neha Alawadhi in Bangalore; Editing by Saumyadeb Chakrabarty)