Maury Microwave to buy Wireless Telecom Group
PARSIPPANY, N.J. – Wireless Telecom Group, Inc. (NYSE American: WTT) (the "Company" or "WTT"), a leading test & measurement solutions provider, today announced that it entered into a definitive merger agreement to be acquired by Maury Microwave, Inc. ("Maury") in an all-cash transaction. Under the terms of the merger agreement, which was unanimously approved by the board of directors of each company, 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% to the Company's closing share price as of May 24th and a premium of 50% since the date of the announcement of the Strategic Alternatives process in July 2022. The Company will file a proxy statement regarding the proposed transaction with the Security and Exchange Commission (the "SEC") as described below and is expected to close in the third quarter of 2023.
WTT's current CEO, Tim 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's Chief Technology Officer and General Manager of the Test & Measurement segment and Mike Kandell, WTT's Chief Financial Officer. The business will continue to operate from its headquarters in New Jersey as a division of Maury.
Read the full press release here.