Editor's note: A previous version of this story cited an incorrect offer amount, because of a currency-conversion error by the author. IWCE's Urgent Communications regrets the error and apologizes for any inconvenience it may have caused.

China-based Hytera Communications today announced that it has offered $92 million to buy Sepura, a TETRA manufacturer based in the United Kingdom (UK), in an all-cash transaction that is expected to close during the first quarter of 2017, according to the companies.

Today’s announcement comes six weeks after Hytera and Sepura officials disclosed initial acquisition discussions on Nov. 4. British regulators twice this month granted Hytera with weeklong extensions to make a firm offer for Sepura. The deal is contingent on regulatory and shareholder approvals.

“We are very pleased to reach this agreement with Sepura,” Hytera Chairman and CEO Chen Qingzhou said in a prepared statement. “The industry in which we operate is undergoing significant changes and Sepura represents an excellent strategic fit for Hytera and will allow us to expand the range of products and services we provide to our clients around the world.”

Hytera believes the proposed acquisition “represents a compelling value proposition for Sepura shareholders and is a logical step in the consolidation of the PMR [private mobile radio] market,” according to a joint release from the two companies. The joint release also outlines additional reasoning behind the deal:

“Hytera believes that Sepura's business represents an excellent strategic fit with Hytera and will broaden the range of products and services the combined group is able to offer to its customers, as well as giving Hytera better access to geographic markets in which it currently has limited exposure,” the joint release states.

“Hytera considers Sepura to have a well-established presence in the markets in which it operates, with a strong brand image and recognition in the private network industry. Through the acquisition, Hytera will gain access to a blue-chip customer base and to the broader high-end, public-security sector market.”

In addition, the joint release notes that Hytera’s plans for Sepura’s research-and-development unit.