TESS - Tessco Technologies to be acquired for $9.00 per share valued at ~$161.4M

2023-04-12 07:46:32 ET

• Tessco Technologies ( NASDAQ: TESS ) shares were up ~90% Wednesday pre-market after the technology company said it is set to be acquired for $9.00 per share, valuing the company at ~$161.4M.
• TESS has entered into a definitive merger agreement with entities affiliated with Lee Equity Partners and Twin Point Capital, the distributor of equipment for the wireless industry, and the distributor of cellular solutions, GetWireless.
• The all-cash acquisition has been unanimously approved by the company's board.
• The transaction is expected to close in Q3.
• Tessco said it will maintain its facilities in Hunt Valley and Timonium, Maryland and in Reno, Nevada.
• Source: Press Release

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