Comtech rises on $157.5 million sale of some satellite business operations
15/06/2026 13:14
BUZZ-Comtech rises on $157.5 million sale of some satellite business operations ** Shares of communications equipment maker Comtech Telecommunications CMTL.O rise 12.2% to $5.42 premarket
** Co agrees to sell most of its satellite and space communications business to Gilat Satellite Networks GILT.TA in a $157.5 million deal, of which $10 million is being paid on Monday
** CMTL expects net cash proceeds of $143 million to $145 million and annual cost savings of $11 million to $13 million
** CMTL's fiscal Q3 revenue fell 16% year-over-year to $106 million, hurt by weaker satellite segment sale
** Up to last close, the stock is down ~9% YTD
(Reporting by Anzar Mehraj in Bengaluru)
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Comtech rises on $157.5 million sale of some satellite business operations
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