The OHB Group has sold its stake in Orbcomm Inc. (U.S.). OHB accepted an offer from the U.S. firm GI Partners to acquire all outstanding shares and sold its 2.8% stake in Orbcomm Inc. for USD 25.6 million. The sale price of USD 11.50 represents a premium of approximately 52% over the closing price of ORBCOMM stock on April 7 (the last trading day prior to the announcement of the tender offer) and a premium of 50% over the volume-weighted 90-day average price up to that date.
The OHB Group’s existing business relationships with Orbcomm Inc. will continue regardless of the sale of the shares. Marco Fuchs, CEO of OHB SE, has stepped down from the Supervisory Board of Orbcomm Inc.