Shareholders of mobile broadband product maker Airvana back $530 million sale to buyout firms
By APFriday, April 9, 2010
Airvana shareholders approve sale to buyout firms
CHELMSFORD, Mass. — Shareholders of Airvana Inc. voted Friday to approve the sale of the networking-products maker to buyout firms in a deal valued at $540 million.
The company was bought by 72 Mobile Holdings LLC, which is owned by S.A.C. Private Capital Group LLC, GSO Capital Partners LP, Sankaty Advisors LLC and ZelnickMedia.
Airvana stockholders will get $7.65 in cash per share, a 23 percent premium over the company’s closing stock price on the day in December when the sale was announced.
The company said about 70 percent of the shares were voted in favor of the sale, which was completed after a special shareholder meeting. The shares were to stop trading on the Nasdaq Stock Market on Friday.
Airvana makes routers used to boost cell phone reception.
