Private equity firm Wasserstein & Co. is buying Globecomm Systems Inc. (Nasdaq: GCOM) for $340 million.

The purchase price works out to $14.15 per share. The company’s shares closed at $14.40 on Aug. 23, before the deal was announced and traded down to $13.96 the morning the transaction was announced, on Aug. 26.

Globecomm, headquartered in Hauppauge, N.Y., provides satellite communications and other services.

New York-based Wasserstein invests in media, consumer products and water equipment industries. The firm has invested in Encompass Digital Media, All-Clad and ALM Media.

Jones Day is providing legal advice to Wasserstein. 

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