Private equity and investment firm Wasserstein & Co has completed its purchase of satellite broadcasting and telecommunications company Globecomm Systems, the leveraged buyout firm announced on Wednesday. The said transaction is valued at $340 million, according to Newsday.

Under the terms of the acquisition deal, shareholders of the 19-year-old Globecomm will receive $14.15 per share. On Wednesday, the telecom firm's stock closed at $14.10 per share, the report detailed.

Globecomm provides satellite and wireless communication systems for mainstream television broadcasters, NATO, the US Army, and other government agencies. A spokeswoman for the company declined to comment on Wasserstein's plans for the acquisition, the report said.

Wassertein is a Manhattan-based private equity firm that invests primarily in consumer products, media, and water equipment and services. The company's portfolio includes firms Odwalla, Harry & David, and MasterCraft Boat Co, the report stated.

In September, Globecomm posted revenue of $80.6 million for the fiscal quarter that ended June 30. This amount is a 23.1% decline from the same period of the previous year.  The company's earnings plunged 35.7% to $4.6 million, Newsday reported.