Wasserstein & Co., the private equity firm founded by the late Bruce Wasserstein who also bought New York magazine in 2003, has made a deal to acquire satellite communications giant Globecomm Systems Inc. and take the firm private sometime in the fourth quarter of this year. Wasserstein & Co. was founded in 2001 and is known for making substantial merger and acquisition deals, including one worth $3 billion.

Globecomm won’t cost Wasserstein quite that much -- only around $340 million. The private equity firm offered $14.15 per share on Friday, which represented a 1.73-percent discount on its closing price that day -- but 21.9 percent over its closing price on Jan. 14 of this year, when Globecomm first announced it was considering its strategic alternatives.

The stock had risen up 24 percent since January in expectation of a merger or acquisition. On Monday, however, Globecomm was trading at $13.95 per share, 3 percent below its Friday close and well below the offer price.

Wasserstein, however, is making the deal very attractive to Globecomm by offering cash in its bid to take the firm private. Globecomm said in a press release that some of that cash will come from Wasserstein affiliates, co-investors and debt financing through affiliates of Highbridge Principal Strategies, LLC, which has signed a commitment letter with Globecomm.

In addition to having a strong track record of growth, said one of Wasserstein’s co-managing partners, "Globecomm has also made successful investments in new product development that we believe will drive future growth in both the Company's existing and new markets."

In its press release, Globecomm called the agreement “definitive,” but cautioned that it remains subject to stockholder approval, antitrust clearance, certain other governmental approvals, a number of financial conditions, and other, unspecified considerations.

Sources: 

• Reuters, “PE firm to take Globecomm private for $340 million,” Neha Alawadhi, Aug. 26, 2013

• Globecomm Systems Inc. press release, “Wasserstein & Co. to Acquire Globecomm Systems Inc.,” Aug. 26, 2013