NovAtel to be acquired by HexagonShares of NovAtel Inc. (Nasdaq: NGPS) shot up after Hexagon AB said it would acquire the provider of precision Global Navigation Satellite System components and subsystems for $390 million, or $50 per share. The offer price represents a 31% premium to NovAtel's 30-day volume weighted average share price. Under the terms of the agreement, Hexagon will acquire NovAtel shares and a debenture convertible into NovAtel shares totaling 19.9% of the issued and outstanding shares of NovAtel in a private placement transaction at a purchase price of $50 per share. Excluding the shares acquired in the tender offer and after giving effect to the shares issued and issuable to Hexagon in the private placement, Hexagon will own 16.6% of NovAtel's outstanding shares. Canadian-based Novatel has been a supplier for Hexagon’s subsidiary, Leica Geosystems, since 2002. NovAtel recorded sales of $68.3 million in 2006. Hexagon is a global technology group with strong market positions within measurement technologies and polymers. Shares of NovAtel (NGPS) jumped 16.87%, or $7.16, to $49.59 at 11:37 a.m. ET. Shares of NovAtel have been trading in the range of $30.72 to $49.70 for the past 52 weeks. spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer
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