xG Technology, Inc. (NasdaqCM:XGTI) entered into a letter of intent to acquire Vislink Communication Systems from Vislink plc (AIM:VLK) for $16 million on September 20, 2016. xG Technology, Inc. is required to raise at least one-third of the purchase price and place it in a restricted account. The LOI will terminate immediately if the financing condition is not met. On October 20, 2016, xG Technology, Inc. and Vislink entered into a conditional agreement. On December 19, 2016, xG Technology, signed a final definitive business purchase agreement to acquire Vislink Communications Systems from Vislink. The acquisition is subject to shareholders approval of Vislink and xG's due diligence. As of December 19, 2016, xG's due diligence has been completed. As of January 9, 2017, the transaction received approval by the shareholders of Vislink. The closing is expected on January 9, 2017. As on December 21, 2016, xG Technology entered into an underwriting agreement with Aegis Capital Corp to raise $10 million. The portion of the net proceeds from the offering will be used for acquisition. Shaun Dobson and James White of Nplus1 Singer Advisory LLP acted as financial advisors and Charlie Jack, Bertie Berger of Hudson Sandler acted as public relations advisors to Vislink.

xG Technology, Inc. (NasdaqCM:XGTI) completed the acquisition of Vislink Communication Systems from Vislink plc (AIM:VLK) on January 13, 2017. As of January 16, 2017, Vislink agreed to revise the specific terms of the transaction. As per the revised offer, the consideration will remain at $16 million, will now be satisfied by an initial consideration of $6.5 million of cash and for the remaining amount, on completion, xG will issue loan notes for a principal amount of $9.5 million. The loan notes will provide for redemption within 45 days of completion and will be secured over the business and assets being sold. It has also been agreed that the sellers will retain the right to any sums received in future in respect of an outstanding debt subject to a maximum sum of $2 million. The completion of the deal is now due to take place on the day shareholder approval of the revised terms of the deal is obtained. As on March 7, 2017, announced an additional $1.6 million payment of the remaining $6.5 million deferred payment from the acquisition of Vislink. The payment will be made from existing cash and free cash flow sources, as was the case with the $3 million prepayment announced on Feb. 23, 2017.

xG Technology, Inc. (NasdaqCM:XGTI) completed the acquisition of Vislink Communication Systems from Vislink plc (AIM:VLK) on January 13, 2017.