The initial up-front payment of approximately US$24 million was paid in shares of Comtech common stock. An additional payment of US$5 million (payable in cash and/or common stock at Comtech’s option) is due upon certain conditions being met, all of which are expected to occur within twelve months of closing. The purchase agreement also provides for an earn-out payment of up to an additional US$9 million (payable in cash and/or common stock at Comtech’s option) if certain agreed upon sales milestones are reached over an eighteen-month period.
UHP, headquartered in Canada, is engaged in the development, manufacturing and marketing of satellite networking equipment.
Comtech designs, develops, produces and markets innovative products, systems and services for advanced communications solutions.
The Torys team included John Emanoilidis (picture) and which included Zehra Sheerazi, Stephen Neil, Andrew McFarlane, Penny Harding and Melissa Lowy (corporate/M&A), Susan Nickerson , Jennifer Lennon and Tom Stevenson (employment), Ed Fan (intellectual property), John Terry, Omar Wakil and Ian Li (regulatory) and Craig Maurice (tax).
Dentons represented UHP with New York Corporate partner Walter Van Dorn, who led the global legal team, which included partners Peter Feldman (Washington, DC), Chuck Spector (Montreal) and Tim Stubbs (Moscow), associate Irina Fayman(New York) and senior associate Guillaume Savard (Montreal).
Involved fees earner: Irina Fayman – Dentons; Peter Feldman – Dentons; Guillaume Savard – Dentons; Chuck Spector – Dentons; Timothy Stubbs – Dentons; Walter Van Dorn – Dentons; John Emanoilidis – Torys LLP; Edward Fan – Torys LLP; Penny Harding – Torys LLP; Jennifer Lennon – Torys LLP; Ian Li – Torys LLP; Melissa Lowy – Torys LLP; Craig Maurice – Torys LLP; Andrew McFarlane – Torys LLP; Stephen Neil – Torys LLP; Susan Nickerson – Torys LLP; Zehra Sheerazi – Torys LLP; Tom Stevenson – Torys LLP; John Terry – Torys LLP; Omar Wakil – Torys LLP;