xG Technology Inc. announced that it has entered into a agreement to acquire the assets of Mt. Olive, New Jersey-based Integrated Microwave Technologies LLC (IMT) from PE firm Skyview Capital LLC. The purchase price is $3M in a combination of cash and long-term debt. Skyview originally acquired IMT just fourteen months ago from the Vitec Group plc.
IMT's expertise is in advanced digital microwave systems and is a provider of engineering, integration, installation, and commissioning services to the Broadcasting, Sport & Entertainment and Military, Aerospace & Government markets. The company generated revenues of $7.2M in 2015.
The deal is expected to close by no later than February 15, 2016.
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