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Wireless Telecom Group Inc. announced Dec. 30 it completed the previously announced sale of its radio, baseband and software segment CommAgility Ltd. to E-Space in a transaction valued at $14.5 million.

The deal, originally announced Dec. 5, included $13.75 million in cash consideration and a $750,000 note payable, subject to agreed-upon reductions. 

In a statement, Wireless Telecom CEO Tim Whelan said the Parsippany-based company has now sold two of its three segments—leaving it with only its Test & Measurement brands, including Boonton, Holzworth and Noisecom.

Wireless Telecom bought CommAgility for $18.75 million in February 2017. Whelan called the sale to Florida-based E-Space “an exciting milestone” for the company.

“With the close of this transaction, we have successfully executed on the sale of two of our three segments during 2022, pursuing our goal of unlocking and maximizing shareholder value. We remain focused on our strategic alternative initiatives around the remaining Test & Measurement business. 

“As our process advances to more complete stages, we expect to continue evaluating the opportunity for any tax efficient return of capital to our shareholders,” Whelan continued. 

E-Space Vice President Tim Burke, who will lead the CommAgility sales organization, added, “We look forward to advancing our integration of CommAgility into Team E-Space as well as building upon the capabilities they built-to-date, which will support both the current dynamic customer base and our future opportunities.” 

CDX Advisors is serving as exclusive financial advisor and Bryan Cave Leighton Paisner is serving as legal counsel to Wireless Telecom Group.