Gilat to Acquire Comtech's Satellite & Space Communications Segment, Creating Leading Defense and Satcom Provider
GILT has more than doubled off its 52-week low of $6.07.
Summary
Gilat Satellite Networks announced its intent to acquire Comtech's Satellite & Space Communications Segment. This strategic acquisition is expected to establish Gilat as a leading provider of advanced defense and satellite communications solutions. The move builds on a strong period for Gilat, which recently reported robust Q1 results, secured a significant order from the U.S. Department of War, and launched new products. This acquisition represents a material expansion of Gilat's market footprint and capabilities in critical high-growth sectors.
At the time of this announcement, GILT was trading at $15.36 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.1B. The 52-week trading range was $6.07 to $20.93. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.