Gilat Satellite Networks Ltd. (NasdaqGS:GILT) signed a definitive agreement to acquire DataPath, Inc. on March 8, 2023. The acquisition price has a fixed component and an airline component that together total to an enterprise value of up to $45 million. As part of the acquisition, Gilat will assume approximately $15 million of DataPath debt mainly to banks and most of the remainder of the purchase price of up to $30 million, including the airline portion, will be paid in Gilat shares. The closing of the transaction is subject to certain regulatory approvals, including the receipt of clearance of the Committee on Foreign Investment in the United States (CFIUS), and other customary closing conditions. The transaction has been approved by the Gilat board of directors and by DataPath?s board of directors and stockholder. The acquisition is expected to close in the third quarter of 2023. Gilat expects its annual revenues in the Defense sector to increase by approximately $50 Million following the closing of the acquisition. As of August 8, 2023 we anticipate that the closing of the transaction will occur in Q4 2023.

Needham & Company LLC and Quilty Analytics LLC are serving as financial advisors to Gilat. Naschitz Brandes Amir & Co. and Foley and Lardner LLP are acting as Gilat?s legal counsel. RCBG is serving as an exclusive financial advisor to DataPath. DLA Piper LLP and Greenberg Traurig are acting as DataPath?s legal counsel. KippsDeSanto & Company acted as financial advisor to DataPath, Inc.

Gilat Satellite Networks Ltd. (NasdaqGS:GILT) completed the acquisition of DataPath, Inc. on November 16, 2023. The transaction received regulatory approvals, including the receipt of clearance from the Committee on Foreign Investment in the United States.