MONTVALE, N.J.-Geotek Communications Inc. announced it has signed a letter of intent to sell its 64-percent interest in Bogen Communications International Inc. for $18.5 million in cash.
Bogen Communications, based in Ramsey, N.J., and Munich, Germany, develops, manufactures and markets telecommunications peripherals and sound processing equipment for the commercial, institutional, industrial and professional markets, said Geotek. The closing of the transaction, which is expected shortly, is subject to, among other things, final documentation.
“The decision is consistent with our long-term business strategy of focusing on our core wireless activities,” said Yaron Eitan, chairman and chief executive officer. ” While Bogen has been a good investment for the company, we believe that we can better serve our shareholders by re-investing these resources in our growing U.S. network operations.”
