PCTEL to be acquired by Amphenol for $7.00 per share in $139.7M cash deal

PCTEL (PCTI) announced that it has reached a definitive agreement to be acquired by Amphenol (APH), one of the world’s largest providers of high-technology interconnect, sensor and antenna solutions. Under the terms of the agreement, which was approved by PCTEL’s Board of Directors, PCTEL stockholders will receive $7.00 in cash for each share of common stock they own. The purchase price represents a premium of over 50% to PCTEL’s closing stock price on October 13, 2023, the last full trading day prior to the deal’s announcement. The transaction is expected to close in the fourth quarter of 2023 or early 2024, subject to customary closing conditions, including approval by PCTEL stockholders. Upon completion of the transaction, PCTEL will no longer be listed on any public market. Jay Sinder, Chairman of PCTEL’s Board of Directors, said, “This transaction follows a nearly yearlong strategic process that has been overseen and approved by the Board of Directors. With this transaction, we are pleased to deliver cash value to our dedicated stockholders, find a well-aligned company culture for our valuable people, and position PCTEL to embark on its next phase of growth as part of an industry-leading corporation.”