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Harris Corp to Sell Broadcast Communications to Gores Group

Thursday, 6 Dec 2012 08:00am EST 

Harris Corp announced that it has reached an agreement to sell Broadcast Communications to an affiliate of The Gores Group, LLC for $225 million. 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 transaction is expected to be completed in early calendar year 2013. On May 1, 2012, Harris had announced plans to divest Broadcast Communications. 

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0.71 +1.03%
3:50pm EDT