TESSCO Announces Closing of Merger Transaction

TESSCO TECHNOLOGIES INCORPORATED (“Tessco” or the “Company”) today announced the closing of its previously announced merger with entities affiliated with Lee Equity Partners and Twin Point Capital, which also own Alliance Corporation (“Alliance”), a value-added distributor of equipment for the wireless industry, and GetWireless, LLC (“GetWireless”), a value-added distributor of cellular solutions that connect the Internet of Things (IoT). Tessco shareholders approved the transaction at a special meeting of shareholders held on July 13, 2023. Under the terms of the merger, each share of Company common stock outstanding prior to merger has been converted into the right to receive $9.00 in cash, reflecting a Company enterprise value of approximately $160 million. As a result of the merger, Tessco common stock will cease trading on, and will be delisted from, the Nasdaq stock exchange.

As previously announced, Tessco will maintain its facilities in Hunt Valley and Timonium, Maryland and in Reno, Nevada, and will broaden its facility footprint, product offering, and value-added capabilities by partnering with Alliance and GetWireless to create a leading value-added telecommunications distributor in North America.

William Blair & Company L.L.C. served as Tessco’s exclusive financial advisor, and Ballard Spahr LLP served as the Company's legal counsel. Weil, Gotshal & Manges LLP, DLA Piper LLP (US), and Harter Secrest & Emery LLP have served as legal counsel to Lee Equity Partners and Twin Point Capital.

About TESSCO Technologies Incorporated

TESSCO Technologies Incorporated is a value-added technology distributor, manufacturer, and solutions provider serving commercial customers in the wireless infrastructure ecosystem. The Company was founded more than 40 years ago with a commitment to deliver industry-leading products, knowledge, solutions, and customer service. Tessco supplies products to the industry’s top manufacturers in mobile communications, Wi-Fi, Internet of Things (“IoT”), wireless backhaul, and more. Tessco is a single source for outstanding customer experience, expert knowledge, and complete end-to-end solutions for the wireless industry. For more information, visit www.tessco.com.