Gores to Acquire Harris Broadcast Communications
$225 million sale to investment group expected to be completed in early 2013
By George Winslow -- Broadcasting & Cable, 12/6/2012 1:38:18 PM
"In Harris Broadcast Communications, we are investing in a proven technology leader with great products and a great team," noted Ryan Wald, managing director of The Gores Group in a statement. "We are excited to provide the capital and support to transition this division to a strong and independent company further enabling it to continue developing and delivering market leading technologies to its customers."
The price includes $160 million in cash at closing, a $15 million subordinated promissory note and "an earnout of up to $50 million based on future performance," the companies noted.
The two companies expect the deal to be completed in early 2013.
William M. Brown, president and chief executive officer of Harris noted in a statement that the sale of the broadcast business was part of an effort to "focus on our core businesses," and that the company planned "to repurchase up to $200 million of our shares after the deal closes."
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