Tessco to be acquired by Lee Equity Partners , Twin Point for $9 per share cash

Tessco announced that the Company has entered into a definitive merger agreement with entities affiliated with Lee Equity Partners and Twin Point Capital, which also own Alliance Corporation and GetWireless, a value-added distributor of cellular solutions that connect the Internet of Things . Under the terms of the merger agreement, all outstanding shares of Company common stock will be acquired for $9.00 in cash, resulting in a Company enterprise value of approximately $161.4M. The merger, which has been unanimously approved by Tessco’s board of directors, reflects a premium of approximately 91% to the closing price of the last trading day prior to the date of this announcement and a premium of approximately 97% to Tessco’s 30-day volume-weighted average stock price as of April 11 . The merger is expected to close in the third calendar quarter of 2023, subject to the approval of Tessco’s shareholders and the satisfaction of customary closing conditions. Following the closing of the transaction, Tessco will maintain its facilities in Hunt Valley and Timonium, Maryland and in Reno, Nevada, as well as broaden its facility footprint, product offering, and value-added capabilities by partnering with Alliance and GetWireless to create a leading value-added telecommunications distributor in North America.