ORBCOMM is an American company and a global provider of Machine-to-Machine (M2M) and Internet of Things (IoT) solutions, offering services like satellite data communication for tracking and monitoring assets. They operate a global network of low Earth orbit (LEO) satellites and ground infrastructure. ORBCOMM serves various industries, including transportation, maritime, heavy equipment, and government, with partners and customers like Caterpillar, John Deere, and S&P Global.
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Orbcomm's adjusted EBITDA for the first three months of 2021 was $13,500,000 compared with $13,700,000 for the corresponding period in 2020.
Orbcomm is under no-shop restrictions that limit its ability to seek alternative deals as the GI Partners transaction moves toward closing in the second half of 2021.
Orbcomm's revenues for the first three months of 2021 were $63,700,000 compared with $66,200,000 for the first three months of 2020.
Orbcomm's product sales in the first quarter of 2021 increased 1.1% to $25,900,000 compared with the first quarter of 2020.
The Federal Communications Commission granted Swarm a license in January 2019 to launch 150 satellites in a VHF band previously used only by Orbcomm.
The Orbcomm transaction gives Orbcomm until 2021-05-07 to seek a better offer.
Orbcomm is in the process of being sold to private equity firm GI Partners in a transaction valued at $1,100,000,000 including net debt.
Orbcomm extended a strategic partnership with British satellite operator Inmarsat in October 2020 to develop Internet of Things, telematics, and other devices through at least 2035.
GI Partners plans to buy satellite operator Orbcomm for about $1,100,000,000 including net debt.
The $11.50 per-share cash consideration represents a premium of about 52% on Orbcomm’s closing share price on 2021-04-07.
Orbcomm reported adjusted EBITDA of $54,800,000 for 2020.
Orbcomm uses Inmarsat’s L-band satellites in geostationary orbit for low-data-rate, two-way communications in remote locations.
Under the terms of the agreement, ORBCOMM stockholders will receive $11.50 in cash per outstanding share of common stock upon closing.
Orbcomm reported adjusted EBITDA of $63,100,000 for 2019.
Orbcomm may seek an alternative buyer during a go-shop period that expires 2021-05-07.
Orbcomm has been building trailer products to increase the availability of components that support COVID-19 vaccine distributions.
Orbcomm reported $272,000,000 in total revenues for 2019.
The $11.50 per-share cash consideration represents a premium of approximately 52% to ORBCOMM’s closing share price on 2021-04-07.
Orbcomm reported $248,500,000 in total revenues for 2020.
Orbcomm stockholders will receive $11.50 in cash per share under the deal with GI Partners.