Wireless communications provider xG Technology, Inc. (Nasdaq: XGTI, XGTIW) has signed the final purchase agreement to acquire Vislink Communication Systems from Vislink, Plc, the company said.
All substantive terms of the acquisition have been agreed upon by the respective parties and due diligence has been completed. The agreement is subject to Vislink shareholder approval, and funding of the acquisition is expected to be finalized thereafter.
The acquisition gives xG a market-leading position in delivering end-to-end video capture/transmit/receive solutions to broadcast, sports and entertainment, and mission-critical public safety and defense sectors worldwide. The integration of Vislink will add significant revenue to xG´s overall operations and offer the opportunity to realize numerous synergies with its IMT business unit. At present, there is comparatively little overlap between IMT and Vislink in the areas of product offerings, sales channels, and market coverage, which increases the potential for new and expanded business wins for both companies.
Based in Sarasota, Florida and founded in 2002, xG has over 100 patents and pending patent applications.