PCTEL Inc, a global provider of wireless technology solutions, said on Friday that it had reached a definitive agreement to be purchased by Amphenol Corp.
The deal, which is structured as an all cash transaction, values PCTEL Inc at nearly $139.7 million.
Under the terms of the deal, approved by PCTEL’s board of directors, PCTEL shareholders will receive $7.00 in cash for every share of common stock they own.
“Today marks an exciting milestone for PCTEL as we join forces with one of the world’s leading antenna solutions companies in Amphenol,” David Neumann, Chief Executive Officer of PCTEL, said in a press release.
“Our team has done an excellent job of growing the business, establishing a leadership position in both antenna and test & measurement (T&M) innovation, and meeting our customers’ strong global demand for high reliability applications. Amphenol is a leading global provider of interconnect, sensor and antenna solutions. Their sustained financial strength and unique entrepreneurial culture will create a valuable home for our employees around the world. We look forward to the accelerated growth opportunities enabled by the combination of our two companies,” the CEO added.
“PCTEL and its employees are clear innovation leaders in the wireless technology solutions area, and will serve as an excellent addition to the Amphenol family. We look forward to working closely with them to leverage our existing international presence, dedicated customer base, and scale to take PCTEL’s business to new and exciting heights,” William Doherty, President, Communications Solutions Division of Amphenol Corp, commented.
The deal is expected to be finalized in the fourth quarter of 2023 or in early 2024.
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