Comtech Telecommunications(Comtech) and TeleCommunication Systems(TCS) have signed a merger agreement under which Comtech will acquire TCS in a cash transaction of approximately $430.8 million. The deal also includes TCS debt of $143.6 million and its cash of $51.6 million.
Headquartered in Annapolis, Maryland, TCS is well know for their location based services for wireless operators and the delivery of 911 emergency systems.
The merger is expected to enhance Comtech's position as a prime contractor on several U.S. government contracts, including becoming the prime contractor for sale of its over-the-horizon microwave systems (troposcatter) products.
Dr. Stanton Sloane, President and Chief Executive Officer of Comtech
The acquisition is a significant step in our strategy of entering complementary markets and expanding our domestic and international commercial offerings.
Maurice B. Tosé, President and Chief Executive Officer of TCS
Our customers will benefit from greater resources and more diverse product offerings, and our employees will benefit from being part of a larger more diversified company.
