Wireless Telecom Group, the parent company of NoiseCom, Microlab/FXR, and Boonton Electronics, has announced entering into a definitive agreement to acquire all of the outstanding capital stock of privately held Willtek Communications GmbH. The acquisition, from the venture capital arm of the international investment group Investcorp and Willtek's Chief Executive Officer, Cyrille Damany, is for $7 million in cash and 8 million shares of Wireless Telecom common stock, as well as the assumption of certain liabilities and obligations valued at $4.8 million. As a result of the acquisition, Willtek will become a wholly owned subsidiary of Wireless Telecom. Willtek, with about 150 people headquartered in Ismaning, Germany, is a leading provider of solutions that enable manufacturers and operators of wireless communications devices to test mobile phones, air interface, and base stations of cellular networks.
According to Wireless Telecom Chairman of the Board and acting Chief Executive Officer Gary Simonyan, "This acquisition represents a core component of our strategy -to develop a global leadership position in the wireless testing equipment market. Simonyan added that "We believe that this acquisition will not only increase our revenues, but that it will also make our combined company a more attractive investment to a wider shareholder base and allow us to reach new levels of capacity and future growth."
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