Tessco Hits 2: year high on merger deal with private equity firms

Tessco Technologies

12/04/2023 14:57

(Updates)
    ** Shares of TESSCO Technologies Inc  TESS.O  rise as much as 87% to an over two-year high
of $8.79 in morning trade
    ** The wireless equipment provider says it will be acquired by entities affiliated to
private equity firms Lee Equity Partners and Twin Point Capital 
    ** Says deal for $9/share in cash, resulting in an enterprise value of about $161.4 mln, and
reflects a premium of about 91% to TESS closing price on Tuesday
    ** TESS says the merger is expected to close in the third calendar quarter of 2023
    ** Co adds following transaction, TESS will maintain its facilities in Hunt Valley and
Timonium, Maryland and in Reno, Nevada
    ** Stock has risen 44.4% in past 12 months 

 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth))