Hytera Communications Corporation Limited (002583.SZ), a leading global provider of innovative Professional Mobile Radio (PMR) communications solutions, announced that as of July 20, 2017, it has completed its acquisition of Norsat International Inc. ("Norsat"), with its head office based in Vancouver, British Columbia, Canada, is a provider of unique and customised communication solutions for remote and challenging applications. Hytera indirectly acquired all of the issued and outstanding shares of Norsat for a cash purchase price of US$11.50 per common share.
Mr. Qingzhou Chen, Chairman of Hytera, stated, "We are pleased to welcome the Norsat team and suite of products to the Hytera family. Norsat's antenna and filter products are very complementary to our existing business and 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."
Dr. Amiee Chan, President and CEO of Norsat, added, "We would like to take this opportunity to thank the past directors, past shareholders, management, employees, customers and other stakeholders for their support. 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."
With the completion of the acquisition, Norsat's common shares will be suspended from the NYSE-MKT prior to its opening on July 20, 2017 and are expected to cease to be listed for trading on the NYSE-MKT on or about the close of business on July 31, 2017. Norsat's common shares will cease to be listed for trading on the TSX on or about the close of business on July 25, 2017.
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21 July 2017