Breaking News Instant updates and real-time market news.

CMTL

Comtech

$37.16 /

+0.55 (+1.50%)

, GILT

Gilat Satellite

$10.13 /

-0.11 (-1.07%)

07:06
01/29/20
01/29
07:06
01/29/20
07:06

Comtech to acquire Gilat Satellite for $10.25 per share in cash, stock deal

Comtech Telecommunications (CMTL) and Gilat Satellite Networks (GILT) jointly announced that Comtech has agreed to acquire Gilat in a cash and stock transaction for $10.25 per Gilat ordinary share of which 70% will be paid in cash and 30% in Comtech common stock, resulting in an enterprise value of approximately $532.5M. Based on Comtech's fiscal year 2019 actual results and Gilat's trailing twelve-month results through June 30, 2019, on a pro-forma basis, Comtech would have reported approximately $926.1M of revenue with Adjusted EBITDA of approximately $130.2M. The combined companies would employ approximately 3,000 people and offer best-in-class satellite technology, public safety and location technology and secure wireless solutions to commercial and government customers around the world. Excluding the impact of acquisition plan costs and with conservative anticipated synergies of only $2M derived from the elimination of Gilat's public company costs, the acquisition of Gilat is expected to be cash accretive to Comtech during the first twelve months post-closing. Comtech believes that with careful planning and execution, it can capitalize on opportunities to achieve both sales growth and further efficiencies during the second-year post-closing. "Both companies' talented global workforces are expected to remain in place and focus intently on meeting all customer commitments and expectations, including supporting all existing products, services and agreements." The transaction enlarges Comtech's global market footprint with a significant physical presence in key international markets. This increased presence addresses a growing need for local touch points that can offer integrated secure connectivity solutions including public safety and location solutions. At the same time, Gilat will gain access to Comtech's strong relationships with the U.S. government, allowing expanded distribution of Gilat's products and solutions to the U.S. government. As such, Comtech believes the transaction carries minimal integration risk while creating numerous opportunities for potential long-term revenue and efficiency synergies going forward. Comtech will continue to emphasize capturing growth opportunities from favorable market trends, including: expected increased demand for solutions to provide high speed in-flight satellite connectivity; the adoption of new satellite ground station technologies into the 5G cellular backhaul eco-system; and the expected need for equipment and network upgrades to accommodate an anticipated increase in satellite capacity when new Very High Throughput Satellites and high capacity Medium Earth Orbit and Low Earth Orbit satellite constellations are launched and fully operational. "Together with its previously announced pending acquisition of UHP Networks, Comtech believes it will be uniquely positioned to take advantage of these important trends." Gilat announced on November 19, 2019 that it expects to achieve sales of between $260M and $270M with Adjusted EBITDA ranging from $38M to $42M for its fiscal year ended December 31, 2019. Comtech announced on December 4, 2019 that it expects to achieve sales of between $712M and $732M with Adjusted EBITDA ranging from $99M to $103M for its fiscal year ending July 31. Neither Comtech nor Gilat is revising their previously announced respective fiscal year financial outlook.

CMTL

Comtech

$37.16 /

+0.55 (+1.50%)

GILT

Gilat Satellite

$10.13 /

-0.11 (-1.07%)

  • 16

    Feb

  • 19

    Feb

TODAY'S FREE FLY STORIES

Conference/Events
Goldman Sachs semiconductors analyst to hold an analyst/industry conference call » 18:55
03/30/20
03/30
18:55
03/30/20
18:55

Semiconductors &…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return in 9 minutes

Get Free Trial

Downgrade
Kyushu Electric Power downgraded to Sell from Neutral at Goldman Sachs » 18:48
03/30/20
03/30
18:48
03/30/20
18:48
KYSEY

Kyushu Electric Power

$0.00 /

+ (+0.00%)

Goldman Sachs analyst…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return in 9 minutes

Get Free Trial

Hot Stocks
Penske Automotive postpones $150M in capex, freezes hiring » 18:32
03/30/20
03/30
18:32
03/30/20
18:32
PAG

Penske Automotive

$28.39 /

+0.72 (+2.60%)

The company states:…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Hot Stocks
Abbott CEO: More tests are coming » 18:27
03/30/20
03/30
18:27
03/30/20
18:27
ABT

Abbott

$79.36 /

+4.84 (+6.49%)

In an interview on…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return in 9 minutes

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Hot Stocks
Amarin 'strongly disagrees' with ruling in VASCEPA ANDA litigation » 18:26
03/30/20
03/30
18:26
03/30/20
18:26
AMRN

Amarin

$13.59 /

+0.34 (+2.57%)

Amarin Corporation…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Hot Stocks
John Agwunobi assumes role of Herbalife Nutrition CEO » 18:19
03/30/20
03/30
18:19
03/30/20
18:19
HLF

Herbalife Nutrition

$28.98 /

-0.59 (-2.00%)

Herbalife Nutrition…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return in 9 minutes

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Periodicals
Spirit Airlines to suspend service at 5 northeast airports, Bloomberg reports » 18:12
03/30/20
03/30
18:12
03/30/20
18:12
SAVE

Spirit Airlines

$12.41 /

-2.29 (-15.58%)

Bloomberg's Justin…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Periodicals
American Air seeks up to $12B in government aid, Reuters reports » 18:09
03/30/20
03/30
18:09
03/30/20
18:09
AAL

American Airlines

$12.25 /

-1.79 (-12.75%)

American Airlines plans…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return in 9 minutes

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Hot Stocks
LyondellBasell to slow consruction on PO / RBA project » 18:01
03/30/20
03/30
18:01
03/30/20
18:01
LYB

LyondellBasell

$49.62 /

+0.32 (+0.65%)

LyondellBasell has…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Hot Stocks
Hudson Pacific director Robert Harris buys 10K shares of company stock » 17:50
03/30/20
03/30
17:50
03/30/20
17:50
HPP

Hudson Pacific

$25.28 /

+1.09 (+4.51%)

Hudson Pacific director…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return in 9 minutes

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Periodicals
American Express to avoid layoffs, institutes hiring freeze, Reuters reports » 17:47
03/30/20
03/30
17:47
03/30/20
17:47
AXP

American Express

$90.10 /

+1.5 (+1.69%)

American Express will…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Hot Stocks
Disney chairman Iger, CEO Chapek to take pay cuts amid COVID-19 pandemic » 17:46
03/30/20
03/30
17:46
03/30/20
17:46
DIS

Disney

$99.84 /

+3.535 (+3.67%)

Disney said in a…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return in 9 minutes

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Hot Stocks
LendingClub reduces approval rates for certain higher-risk borrower populations » 17:44
03/30/20
03/30
17:44
03/30/20
17:44
LC

LendingClub

$8.20 /

-0.25 (-2.96%)

LendingClub said in a…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Hot Stocks
Honeywell expands N95 face mask production » 17:41
03/30/20
03/30
17:41
03/30/20
17:41
HON

Honeywell

$131.86 /

+0.73 (+0.56%)

Honeywell announced that…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return in 9 minutes

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Initiation
Jacobs initiated with an Outperform at William Blair » 17:40
03/30/20
03/30
17:40
03/30/20
17:40
J

Jacobs

$78.00 /

+3.03 (+4.04%)

William Blair analyst…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Initiation
ManTech initiated with an Outperform at William Blair » 17:40
03/30/20
03/30
17:40
03/30/20
17:40
MANT

ManTech

$75.99 /

+5.16 (+7.29%)

William Blair analyst…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return in 9 minutes

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

General News
DC Mayor issues Stay-at-Home order for District of Columbia » 17:40
03/30/20
03/30
17:40
03/30/20
17:40
SPX

S&P 500

$0.00 /

+ (+0.00%)

, SPY

SPDR S&P 500 ETF Trust

$261.57 /

+8.18 (+3.23%)

Washington, DC Mayor…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Initiation
Leidos initiated with an Outperform at William Blair » 17:39
03/30/20
03/30
17:39
03/30/20
17:39
LDOS

Leidos

$93.36 /

-0.055 (-0.06%)

William Blair analyst…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return in 9 minutes

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Initiation
Parsons initiated with an Outperform at William Blair » 17:38
03/30/20
03/30
17:38
03/30/20
17:38
PSN

Parsons

$32.31 /

-0.94 (-2.83%)

William Blair analyst…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

General News
Maryland Governor issues Stay at Home order, to take effect 8:00 pm ET » 17:38
03/30/20
03/30
17:38
03/30/20
17:38
SPX

S&P 500

$0.00 /

+ (+0.00%)

, SPY

SPDR S&P 500 ETF Trust

$261.57 /

+8.18 (+3.23%)

Maryland Governor Larry…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return in 9 minutes

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

General News
Virginia Governor issues Stay at Home order in place until June 10 » 17:37
03/30/20
03/30
17:37
03/30/20
17:37
SPX

S&P 500

$0.00 /

+ (+0.00%)

, SPY

SPDR S&P 500 ETF Trust

$261.57 /

+8.18 (+3.23%)

Virginia Governor Ralph…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Conference/Events
UBS leisure/travel analyst to hold an analyst/industry conference call » 17:36
03/30/20
03/30
17:36
03/30/20
17:36

Leisure/Travel Analyst…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return in 9 minutes

Get Free Trial

Hot Stocks
Boeing awarded $114.05M Army contract modification » 17:34
03/30/20
03/30
17:34
03/30/20
17:34
BA

Boeing

$152.25 /

-9.755 (-6.02%)

Boeing was awarded a…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Syndicate
Kingold Jewelry files $30M mixed securities shelf  17:30
03/30/20
03/30
17:30
03/30/20
17:30
KGJI

Kingold Jewelry

$1.04 /

-0.02 (-1.89%)

 
Hot Stocks
Raytheon awarded $146.08M Navy contract » 17:30
03/30/20
03/30
17:30
03/30/20
17:30
RTN

Raytheon

$141.04 /

-0.87 (-0.61%)

Raytheon was awarded a…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.