Microdyne to Buy Gateway Assets

IRVINE — Gateway Communications and Microdyne Corp. said Wednesday they have signed an agreement for Virginia-based Microdyne to acquire most of Gateway’s assets.

Though terms of the deal have not been disclosed, Microdyne said it also will purchase Irvine-based Gateway’s wide-area networking communications product line for $2 million if the acquisition of the other products and inventory, first announced in April, is completed.

Gateway would remain a publicly traded holding company “looking for other businesses to acquire” after selling off its products and assets, said executive vice president Al Cosentino.