NovAtel Inc. (NASDAQ:NGPS), a Calgary-based provider of global navigation satellite technology, has struck a friendly deal to be acquired by one of its key customers, Hexagon AB [STO:HEXA.B] of Sweden, for US$50 per share, or US$390 million. NovAtel said the affable deal follows a long-standing partnership they have had with Hexagon’s subsidiary, Leica Geosystems, a firm focused on the development of high-precision satellite system technologies. NovAtel has been a core supplier of equipment and systems to Leica Geosystems since 2002.
In a statement, Hexagon and NovAtel said the combination of the two companies will add new applications to the Hexagon product portfolio and give the Swedish company access to technologies in new high-growth areas in the market for global navigation satellite systems (GNSS). NovAtel makes GNSS components and subsystems such as receivers, enclosures, antennas and firmware that are integrated into high-precision positioning applications worldwide—Nacka Strand, Sweden
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