Orbital Energy acquires telecoms co Gibson, shares rise

Orbital Infrastructure

14/04/2021 15:38

** Industrial gas sampling and measurement equipment maker's
 OEG.O  shares up ~2.7% at $4.71 in early trade, after falling
for two straight sessions
    ** Co completes previously announced acquisition of
Atlanta-based telecommunications co Gibson Technical Services
Inc (GTS), effective April 13  urn:newsml:reuters.com:*:nPn2XZbXLa
    ** Gross purchase price for GTS outstanding shares was $48
mln, which was funded by OEG's available cash resources and
2-year restricted shares of OEG common stock
    ** GTS's audited results include gross revenue of about $40
mln and gross profit of $6.8 mln for calendar year 2020 - OEG 
    ** Including session gains, stock has more than doubled this
year

 (Reporting by Sahil Shaw in Bengaluru)
 ((sahil.shaw@thomsonreuters.com))