Hytera Completes Acquisition of Norsat
Thursday, July 20, 2017 | Comments

Norsat International announced the completion of its acquisition by Hytera Project, a wholly owned indirect subsidiary of Hytera Communications. Hytera acquired ownership and control over 5,848,808 common shares of Norsat, representing 100 percent of the issued and outstanding Norsat shares.

The cash purchase price under the arrangement was US$11.50 per Norsat share, and the total paid for the 5,848,808 Norsat shares was US$67.2 million. Before the arrangement, Hytera did not hold any Norsat shares.

“We would like to take this opportunity to thank the past directors, past shareholders, management, employees, customers and other stakeholders for their support,” said Dr. Amiee Chan, president and CEO of Norsat. “We are thrilled to join the Hytera family, and we look forward to serving all of our worldwide customers with an even broader platform of innovative products to meet their stringent requirements for communication solutions.”

“We are pleased to welcome the Norsat team and suite of products to the Hytera family,” said Mr. Qingzhou Chen, chairman of Hytera. “We are excited by Norsat’s innovative satellite products and the prospects of the satellite communications industry. We believe the addition of Norsat will create new opportunities for long-term growth.”

The companies expect Chan will serve as the sole director of Norsat following the close of the deal. Chan will also serve as president and CEO, Arthur Chin will serve as CFO, and Ken Broom will serve as general manager for the Sinclair Division.

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