NEW YORK (AP) -- Telular Corp., which makes equipment for wireless home security systems and remote monitoring of fluid tanks, on Monday said it has agreed to be bought by Avista Capital Partners for $235 million.
The investment firm is paying $12.61 per share, a premium of 31 percent to the Friday closing price of Telular's stock.
Shares of Chicago-based Telular rose $2.97 to $12.60 in midday trading Monday, its highest point in nine years.
Telular has been public for 19 years. With the maturing of wireless technology, the field of so-called "machine-to-machine" connections, where automated systems use cellular technology to communicate, has gained increasing investor interest in recent years.
Avista is a private-equity firm focusing on energy, health care and communications companies. In the Telular deal, the New York company is assuming $18.5 million in debt.