GASTONIA, N.C. (Reuters) - TriPoint Global Communications Inc., a closely-held satellite communications products provider, on Friday said it would buy Vertex Communications Corp., for about $118.7 million.

Under the definitive pact, TriPoint will tender for all outstanding Vertex shares at $22 per share. TriPoint expects to start the offer on November 18, and anticipates completing the acquisition in December.

After the announcement, shares of Kilgore, Texas-based Vertex, which designs and makes satellite communications products, jumped to a 52-week high of $21, up 6-3/16, or about 42 percent from Thursday's close.

Both boards of directors have approved the deal, and certain members of Vertex's management and board agreed to tender their shares into the offer and to vote in favor of the merger.