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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. 

Company Quote

69.69
0.71 +1.03%
3:50pm EDT