Wasserstein to Buy Globecomm Systems at $14.15/Share in Cash

Globecomm Systems Inc. (NASDAQ: GCOM), a leading communications solutionsprovider, announced today that an affiliate of Wasserstein & Co. has enteredinto a definitive agreement to acquire Globecomm for $14.15 per share in cash.The purchase price represents a premium of 21.9% over the closing price onJanuary 14, 2013, the day on which Globecomm announced that it had retainedNeedham & Company to assist it in a review of potential strategic alternativesto enhance shareholder value. The transaction is valued at approximately $340million."We believe that this transaction is in the best interest of our shareholders,customers, partners and employees. Wasserstein & Co. has a proven track recordof helping companies build on their success," said David Hershberg, Chairmanand CEO of Globecomm."Globecomm is a leader in developing and managing complex communicationssolutions with a strong track record of growth and innovative engineering thatleverages its global communications network," commented Anup Bagaria,Co-Managing Partner of Wasserstein & Co. "Globecomm has also made successfulinvestments in new product development that we believe will drive futuregrowth in both the Company's existing and new markets."Management's Current Expectations for the Fiscal Year Ended June 30, 2013Based on preliminary financial results, Globecomm currently expects thefollowing financial results for the fiscal year ended June 30, 2013:• Consolidated revenues to be approximately $319.6 million.• Services segment revenues to be approximately $199.1 million.• GAAP diluted net income per common share to be approximately $0.66.• Adjusted EBITDA to be approximately $38.4 million.The TransactionThe transaction was unanimously approved by Globecomm's Board of Directors andis expected to be completed in the fourth calendar quarter of 2013. The mergeris subject to antitrust clearance and other governmental approvals, Globecommstockholder approval, the satisfaction of certain financial conditions andother conditions. The transaction is expected to be financed through acombination of cash provided by Wasserstein & Co. affiliates and otherco-investors, as well as debt financing. Highbridge Principal Strategies, LLC,on behalf of its affiliates, has entered into a commitment letter for the debtfinancing, subject to the terms thereof.Needham & Company is serving as exclusive financial advisor to Globecomm.Kramer Levin Naftalis & Frankel LLP is acting as Globecomm's legal counsel,and Jones Day is acting as legal advisor to Wasserstein & Co. U.S. Space LLCadvised Wasserstein & Co. with respect to industry matters.