Wireless video solutions provider xG Technology, Inc. (NASDAQ: XGTI, XGTIW) has completed the acquisition of Vislink Communication Systems and has now assumed full ownership of the business, the company said.
The acquisition, as originally announced on October 20, 2016 was a USD 16m binding asset purchase agreement. The acquisition was paid for with USD 6.5m in cash and a USD 9.5m promissory note.
xG presently plans to pay the promissory note off with a combination of new debt and internal funding.
Based in Sarasota, Florida, xG Technology is a provider of wireless video solutions to broadcast, law enforcement and defense markets, and private mobile broadband networks for use in challenging environments.
Vislink specializes in the wireless capture, delivery and management of secure, high-quality, live video from the field to the point of usage, serving broadcast & media and public safety & surveillance markets.