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CMTL

Comtech

$37.16 /

+0.55 (+1.50%)

, GILT

Gilat Satellite

$10.13 /

-0.11 (-1.07%)

07:39
01/29/20
01/29
07:39
01/29/20
07:39

Comtech CEO Fred Kornberg to retain role following Gilat acquisition

Fred Kornberg, Comtech's (CMTL) Chairman of the Board and Chief Executive Officer will continue in his role as CEO of the combined company. Michael Porcelain, Comtech's COO, who was promoted and named President of Comtech, will work hand-in-hand with both Comtech and Gilat (GILT) employees to maximize the potential of the combined company. Michael Bondi will continue in his role as CFO of the combined company. Comtech will continue to maintain its headquarters in Melville, New York. Post-closing of the transaction, Gilat will become a wholly owned subsidiary of Comtech and will maintain its well renowned and highly regarded brand. Gilat will continue to maintain its corporate headquarters and research and development facility in Petah Tikva, Israel under the leadership of Yona Ovadia, Gilat's CEO and Adi Sfadia, Gilat's CFO. Mr. Sfadia will also be assuming the role of Gilat's Chief Integration Officer, helping to plan a smooth acquisition and to maximize shareholder value. No Comtech or Gilat facility locations are expected to be closed as a result of the transaction and each key business area is expected to continue to be led by its respective existing proven leadership teams after the transaction closes.

CMTL

Comtech

$37.16 /

+0.55 (+1.50%)

GILT

Gilat Satellite

$10.13 /

-0.11 (-1.07%)

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