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Comtech on Acquisition Path

Acquires Gilat Satellite Networks and CGC Technology

Comtech Telecommunications Corp announced on 29 January it has agreed the acquisition of Gilat Satellite Networks Ltd in a cash and stock transaction that values Gilat at $532.5 million (€484 million). In addition, the company announced the acquisition of CGC Tehnology Limited for approx. $23.7 million.

A prominent developer of satellite networking technology, solutions and services, Gilat has a market-leading position in the satellite ground station sector and deep expertise in operating large network infrastructures. The combined companies employ approximately 3,000 people and offer best-in-class satellite technology, public safety and location technology and secure wireless solutions to commercial and government customers around the world.

I […] believe this combination is beneficial to the stakeholders of both companies. The acquisition better positions Comtech to take advantage of key marketplace trends, particularly the growing demand for satellite connectivity and the enormous long-term opportunity set that is emerging in the secure wireless communications market. I believe that the combination of accelerating satellite connectivity demand and the increasing availability of low-cost satellite bandwidth, makes this a perfect time to unify Comtech and Gilat’s solutions and offer our combined customers best-in-class platform-agnostic satellite ground station technologies. Gilat is an exceptional business that has developed extraordinary technology and has a well-respected product portfolio supported by strong research and development capabilities,” commented Comtech Chairman and CEO, Fred Kornberg.

The Gilat Board of Directors and management believe this highly strategic combination is compelling. It is an excellent outcome for our shareholders who receive both cash and an equity interest in a strong company with a broader range of products and the benefits of combined expertise and resources that is well positioned to create future value against a highly favourable industry backdrop. I have long admired Comtech’s commitment to technology leadership and I firmly believe that employees will have expanded opportunities for career development. No doubt, the future will be very bright for Comtech and Gilat and all of our stakeholders,” added Gilat Chairman, Dov Baharav.

Key strategic benefits deriving from the transaction include:

• Drives global market access by creating a world leader with combined pro-forma sales approaching nearly $1.0 billion annually;

• Strengthens Comtech’s position as a leading supplier of advanced communication solutions, uniquely capable of servicing the expanding need for ground infrastructure to support both existing and emerging satellite networks;

• Expands Comtech’s product portfolio with highly complementary technologies, including Gilat’s high-performance TDMA-based satellite modems and its next-generation solid-state amplifiers;

• Broadens leadership position in the rapidly growing in-flight connectivity and cellular backhaul markets which are expected to expand given the availability of lower-cost bandwidth and the adoption of satellite technologies into the 5G cellular backhaul ecosystem; and

• Bolsters world-class research and development capabilities, enabling Comtech to offer customers more complete end-to-end technology solutions.

The acquisition of CGC Technology, a UK-based provider of high-precision full motion fixed and mobile X/Y satellite tracking antennas, reflectors, radomes and other ground station equipment founded in 1999, brings immediate relationships with several top-tier European aerospace companies and other government entities. With significant growth in LEO and MEO satellite constellations expected, the acquisition adds another growth dynamic to Comtech.

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