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On Friday, Amphenol Corp (NYSE:APH) inked a deal to acquire PCTEL Inc (NASDAQ:PCTI) for around $139.7 million.
As per the all-cash transaction, PCTI shareholders will receive $7.00 per share, representing a premium of over 50% to the closing stock price on October 13, 2023, the last full trading day before the deal's announcement.
PCTEL provides wireless technology solutions, which include purpose-built Industrial IoT devices, antenna systems, and test and measurement products.
The transaction is expected to close in Q4 2023 or early 2024, subject to customary closing conditions and approval by PCTEL stockholders.
Post closure, PCTEL will no longer be listed on any public market.
"Our team has done an excellent job of growing the business, establishing a leadership position in both antenna and test & measurement (T&M) innovation, and meeting our customers' strong global demand for high reliability applications. Amphenol is a leading global provider of interconnect, sensor and antenna solutions. Their sustained financial strength and unique entrepreneurial culture will create a valuable home for our employees around the world. We look forward to the accelerated growth opportunities enabled by the combination of our two companies," said David Neumann, Chief Executive Officer of PCTEL.
As of June 30, 2023, Amphenol had $1.5 billion in cash and cash equivalents.
Price Action: APH shares closed lower by 2.66% at $81.90 and PCTI down by 0.96% at $4.66 on Friday.
