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
For further details see:
Tessco Technologies to be acquired for $9.00 per share, valued at ~$161.4M