[April 30, 2013] Telular agrees to be bought by Avista Capital Partners Tweet Apr 30, 2013 (TELECOMWORLDWIRE via COMTEX) -- Telular Corp. (NASDAQ: WRLS) and Avista Capital Partners jointly announced that they have entered into a definitive agreement providing for the acquisition of Telular for USD12.61 per share net in cash and approximately USD18.5m in assumed net debt, or approximately USD253m in total consideration. The purchase price represents a 31% premium to the closing share price on April 26, 2013 and a 27% premium to the 60-day average share price. The proposed acquisition has fully committed financing and is currently expected to close within 50-75 days. Under the terms of the definitive agreement, an entity controlled by Avista will commence a tender offer to purchase any or all of the outstanding shares of Telular common stock for USD12.61 net in cash. The closing of the tender offer is subject to customary terms and conditions, including the tender of at least two-thirds of Telular's outstanding shares of common stock, the expiration or termination of the waiting period under the Hart Scott Rodino Antitrust Improvement Act of 1976, and the receipt of any applicable consents or approvals from the Federal Communications Commission. The board of directors of Telular has unanimously approved the proposed acquisition by Avista and recommends that Telular shareholders tender their shares in the forthcoming tender offer. Beatty will remain as president and CEO until the closing of the proposed acquisition. Oppenheimer & Co. Inc. is acting as exclusive financial advisor and Kelley Drye & Warren LLP and Covington & Burling LLP are acting as legal advisors to Telular. Kirkland & Ellis LLP is serving as legal advisor to Avista. SunTrust Robinson Humphrey, Inc. is acting as financial advisor to Avista and has provided the debt financing commitment for the acquisition. Telular provides remote monitoring and asset tracking solutions for business and residential customers, enabling security systems and industrial applications to exchange actionable information wirelessly, typically through cellular and satellite technology. Avista Capital Partners is a leading private equity firm with over USD5bn under management and offices in New York, Houston and London. Comments on this story may be sent to [email protected] [ Back To TMCnet.com's Homepage ]