Why ORBCOMM Stock Skyrocketed Today
Shares of ORBCOMM (NASDAQ: ORBC) have skyrocketed today, up by 51% as of 11 a.m. EST, after the company said it was going private. Private equity firm GI Partners is acquiring ORBCOMM in an all-cash deal that values the satellite telecommunications company at $1.1 billion, including net debt.
GI Partners will pay $11.50 per share in cash to existing shareholders to scoop up ORBCOMM, and shares are now trading within pennies of that offer. ORBCOMM specializes in the Industrial Internet of Things (IIoT) and also offers satellite connectivity services. GI Partners invests in several industries, including data infrastructure.
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Source Fool.com
