Comtech Telecommunications failed to acquire Gilat Satellite Networks for $532m.

Comtech Telecommunications, a satellite telecommunications company, failed to acquire Gilat Satellite Networks, global provider of satellite-based broadband communications, for $532m. 70% of the consideration was going to be paid in cash and 30% in Comtech common stock. "The acquisition better positions Comtech to take advantage of key marketplace trends, particularly the growing demand for satellite connectivity and the enormous long-term opportunity set that is emerging in the secure wireless communications market. I believe that the combination of accelerating satellite connectivity demand and the increasing availability of low-cost satellite bandwidth, makes this a perfect time to unify Comtech and Gilat’s solutions and offer our combined customers best-in-class platform-agnostic satellite ground station technologies," Fred Kornberg, Comtech Chairman of the Board and CEO. On October 5, 2020, both companies agreed to terminate the merger agreement and have settled disputes in court. Comtech will pay $70m to Gilat.