xG Technology Inc. announced that it has completed the acquisition of Integrated Microwave Technologies LLC (IMT) which was previously announced on January 19, 2016. IMT is a provider of advanced digital microwave systems including engineering, integration, installation, and commissioning services for the broadcast, sports & entertainment, and military/aerospace/government markets. The company generated revenues of $7.2M in 2015.
The purchase price is $3M with $1.5M payable in cash at closing and a seller note of $1.5M payable over 18 months. xG expects annual cost synergies from the deal of $2M.
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