Wireless telecommunications company Goodman Networks Inc. is buying Multiband Corp. (Nasdaq: MBND) for $116 million.

Multiband provides home services to DirecTV.

Goodman, headquartered in Plano, Texas, designs, engineers, integrates and maintains wireless telecommunication networks.

The buyer will pay $3.25 per share of Minneapolis-based Multiband, in addition to paying off the company’s debt. Multiband’s shares closed at $2.09 on May 21, before the deal was announced.

Under terms of the deal, Multiband can solicit alternative proposals for 45 days. If it selects one of those proposals, it would be required to pay Goodman a breakup fee of between $5 million and $6 million.

Craig-Halum Capital Group LLC is Multiband’s financial adviser for the deal, while Winthrop & Weinstine PA is acting as the company’s legal counsel. Jefferies LLC and Credit Suisse are acting as Goodman’s financial advisers, while Haynes and Boone LLP is providing legal advice. 

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