ORBCOMM, Inc. completed the acquisition of SkyWave Mobile Communications from Inmarsat Group Ltd. and others.
As of December 31, 2013, SkyWave Mobile Communications reported total revenues of $57.96 million, net income of $4.97 million, total assets of $74.17 million and net assets of $58.15 million. The transaction is subject to the approval by the shareholders of SkyWave Mobile, execution of Dissident's Rights, execution of escrow agreement and resignation of SkyWave Mobile Communication's directors. The acquisition, which has been unanimously approved by the Boards of Directors of ORBCOMM and SkyWave Mobile, is subject to receipt of required regulatory approvals. The acquisition is expected to close on or about January 1, 2015. Robert Hansen of McCarthy Tétrault LLP acted as a legal advisor to ORBCOMM INC. Randy Taylor of LaBarge Weinstein LLP acted as the legal advisor of SkyWave Mobile Communications. Raymond James acted as a financial advisor to ORBCOMM INC. Milbank, Tweed, and Hadley & McCloy acted as a legal advisor to ORBCOMM INC. William Blair & Company acted as the financial advisor for Skywave Mobile Communications. Chuck Burgess from The Abernathy MacGregor Group and Barry Bucklin from Hardman Group acted as PR advisors for ORBCOMM.
ORBCOMM, Inc. (NasdaqGS:ORBC) completed the acquisition of SkyWave Mobile Communications from Inmarsat Group Ltd. and others on January 1, 2015.