Wireless Telecom Group Bought by Maury Microwave

SHARE THIS ARTICLE

Wireless Telecom Group, Inc. (NYSE: WTT), a test and measurement solutions provider, yesterday announced that it entered into a definitive merger agreement to be acquired by Maury Microwave, Inc. in an all-cash transaction. 

Under the terms of the merger agreement, Maury will acquire all the outstanding shares of the company for an estimated total cash consideration of $2.13 per share. The consideration per share represents a premium of 34 percent to the company’s closing share price as of May 24, and a premium of 50 percent since the date of the announcement of the Strategic Alternatives process in July 2022. 

Tim Whelan, WTT CEO stated, “[The] announcement represents the successful result of a comprehensive strategic alternatives’ review process, and a significant milestone in the company’s transformation. This transaction will achieve our goals of maximizing shareholder value by realizing the sum-of-the-parts value of our company, and efficiently returning capital to our shareholders. The company will continue to focus on our specialized test and measurement solutions to address customers’ differentiated requirements in the semiconductor, satellite, aerospace and defense sectors,” Whelan said.  

Whelan will step aside at the close of the transaction and the company will continue to be managed by its remaining leadership team led by Daniel Monopoli, WTT Chief Technology Officer and General Manager of the Test & Measurement segment and Mike Kandell, WTT Chief Financial Officer. The business will continue to operate from its headquarters in New Jersey as a division of Maury.

Reader Interactions

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.