Mergers and Acquistions News
Categories: IT Services & Consulting
September 29th 2008, 15:01PM
Ascom has signed a definitive agreement to purchase the wireless test solutions business of Comarco.
Under the terms of the offer, Ascom will pay Comarco about $12.75 million (£7.14 million) in cash, with some of this sum to be placed in escrow.
The closing of the deal is conditional on the approval of sale by shareholders in Comarco and other conditions and is due to occur in the fourth quarter of Comarco's current fiscal year.
Sam Inman, president and chief executive officer of Comarco, said: "The sale of wireless test solutions represents another very important step in Comarco's strategy to focus our resources on expanding our promising ChargeSource business."
He added the divestment of this unit will also facilitate a reduction in its operating costs.
Ascom claims its corporate strategy focuses on four key elements: mission-critical communication, organic growth, strategic acquisitions and increased operational efficiency.
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