KVH sells inertial navigation segment to EMCORE for $55M cash, terminates credit agreement

KVH INDUSTRIES INC DE

Sold inertial navigation business assets (incl. Tinley Park facility) to EMCORE for ~$55M cash, subject to working capital adjustments.
$1M holdback payable within 30 days if conditions met; EMCORE assumed specified liabilities.
KVH terminated its Amended Credit Agreement with Bank of America, paying all outstanding obligations and releasing security interests.
Non-compete covenant for 5 years; no solicitation of transferred employees for 24 months.
Transition Services Agreement for up to 12 months to facilitate orderly transfer of operations.

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