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Gilat Satellite Agrees to Acquisition

03/31/08 - 08:59 AM EDT

TSC Staff

Israel's Gilat Satellite Networks (GILT - Cramer's Take - Stockpickr), a provider of products and services for satellite-based communications networks, agreed to be acquired by a group of private equity investors in a transaction valued at roughly $475 million.

The buyers include the Gores Group, Mivtach Shamir Holdings., companies affiliated with Roy Ben-Yami, Ami Lustig and Eytan Stibbe, and DGB Investments. Under the terms of the agreement, Gilat shareholders will receive $11.40 in cash for each of their shares.

Gilat was gaining 5.3% to $10.99 in early trading Monday. The stock has traded between $7.88 and $11.34 in the past year.

This article was written by a staff member of TheStreet.com.

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