![]() ![]() "The acquisition is part of Gilat's strategy to expand its business in the DoD and other international defense markets. "Wavestream is a world leader in the delivery of SSPAs and has shown significant growth and profitability over the past two years," stated Amiram Levinberg, Gilat's CEO and Chairman of the Board. Wavestream is expected to generate revenues of approximately $70 million in 2010 and have a positive EBITDA of between 15 and 20%. The purchase is also to include an earn-out over the next 12 months of up to $7 million. Upon closing, Wavestream is to be acquired without any cash or debt. Gilat expects to complete the purchase with cash on hand, but may raise a limited amount of financing either before or after closing to replenish its cash reserves. According to Gilat's analysis, the acquisition will be accretive. The consideration for the acquisition is approximately $130 million in cash and is expected to be completed prior to year end. Product deliveries started in October 2010. Army and Marine Corps satellite communications systems. Last week, Wavestream announced receipt of a $19 million order from General Dynamics SATCOM Technologies for the company's high power 50W Ka-band solid state amplifiers to support U.S. Wavestream has an extensive tier-1 customer list of DoD system integrators as well as commercial and international customers. The company's products have been selected as key components in a number of DoD programs. Wavestream's advanced technology has achieved broad-based success within the MILSATCOM (military) and COMSATCOM (commercial) sectors. Gilat expects to leverage Wavestream's technology and sales reach to further enhance Spacenet Integrated Government Solutions' (SIGS) market position in the government sector. ![]() Wavestream's family of Ka, Ku, X and C-band Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) provide systems integrators with field-proven, high performance solutions designed for mobile and fixed satellite communication (SATCOM) systems worldwide. Wavestream is a leading provider of high power solid state amplifiers. (Nasdaq:GILT), a worldwide leader in satellite networking technology, solutions and services, announced today that it has entered into a definitive agreement to acquire all of the outstanding stock of Wavestream Corporation. 13, 2010 (GLOBE NEWSWIRE) - Gilat Satellite Networks Ltd. ![]()
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