Simpson Thacher is representing affiliates of GI Partners in connection with its definitive agreement to acquire ORBCOMM Inc. (“Orbcomm”). Under the terms of the agreement, shareholders will receive $11.50 in cash per share of Orbcomm’s common stock in an all-cash transaction that values Orbcomm at approximately $1.1 billion, including net debt. The transaction is expected to close in the second half of 2021.
ORBCOMM (Nasdaq: ORBC) is a global leader and innovator in the industrial Internet of Things, providing solutions that connect businesses to their assets to deliver increased visibility and operational efficiency. The company offers a broad set of asset monitoring and control solutions, including seamless satellite and cellular connectivity, unique hardware and powerful applications, all backed by end-to-end customer support, from installation to deployment to customer care. ORBCOMM has a diverse customer base including premier OEMs, solutions customers and channel partners spanning transportation, supply chain, warehousing and inventory, heavy equipment, maritime, natural resources, and government.
Founded in 2001, GI Partners is a private investment firm based in San Francisco, California. The firm has raised over $26 billion in capital from leading institutional investors around the world to invest in private equity, real estate and data infrastructure strategies. The data infrastructure team invests primarily in hard asset infrastructure businesses underpinning the digital economy.
The Simpson Thacher team representing GI Partners includes Christopher May, Kyle Kreshover, Zain Rifat and Siwei Yang (Corporate); Catherine Burns (Credit); Jeannine McSweeney and Jake Phillips (ECEB); Sophie Staples and Abigail Hopper (Tax); Lori Lesser and Melanie Jolson (IP); Michael Isby (Environmental); and Dennis Loiacono (Real Estate).