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April 5, 2006, 7:24 p.m. EDT

Tessco acquires WLAN business for $4M plus earn-out pay

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By Ruth Mantell

TESS

SAN FRANCISCO (MarketWatch) -- Tessco Technologies Inc. /zigman2/quotes/201101603/composite TESS +2.67% Wednesday evening said it has agreed to acquire the non-cash assets and businesses of TerraWave Solutions Ltd. and its affiliate GigaWave Technologies Ltd. At the deal's close, Tessco, a wireless products company, said it will pay $4 million, which includes $1.5 million of prepayment for future earn-out payments, with the maximum amount of contingent earn-out payments totaling $15.5 million. Tessco sees the acquisition, expected to close in late April, contributing to income during fiscal 2007.

/zigman2/quotes/201101603/composite
US : U.S.: Nasdaq
$ 5.38
+0.14 +2.67%
Volume: 9,245
Oct. 20, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$46.62 million
Rev. per Employee
$633,855
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