Orbital Energy Group, Inc. (OEG) Misses Q4 EPS by 9c, Revenues Miss

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Go back to Orbital Energy Group, Inc. (OEG) Misses Q4 EPS by 9c, Revenues Miss

Orbital Energy Group (OEG) Announces Intent To Acquire Privately Owned, Atlanta-Based Telecommunications Company Gibson Technical Services

March 30, 2021 8:03 AM EDT

Orbital Energy Group, Inc. (NASDAQ: OEG)("OEG") today announced it has reached an agreement in principal and is preparing a definitive Stock Purchase Agreement ("SPA") to acquire 100% of Gibson Technical Services ("GTS"), an Atlanta-based telecommunications company providing diversified telecommunications services nationally since 1990. The transaction is expected to close on or before April 30, 2021, subject to customary closing conditions.

The acquisition will immediately add significant revenues and earnings to OEG. For the calendar year 2020, GTS's audited results include gross revenues of approximately $40.0 million, gross profit of ~$6.8 million and unaudited adjusted EBITDA of ~$5.5 million. For 2021,... More