Melbourne, FL - Dec 6, 2012 - Harris has reached an agreement to sell the Broadcast Communications division to an affiliate of The Gores Group 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 subject to customary regulatory review and closing conditions and is expected to be completed in early 2013. On May 1, 2012, Harris announced plans to divest the Broadcast Communications division.
"The sale of Broadcast Communications reflects our strategy to optimize our business portfolio and focus on our core businesses," said William M. Brown, president and chief executive officer of Harris. "As previously communicated, we plan to repurchase up to $200 million of our shares after the deal closes. This is in addition to the $200 million of share repurchases already planned for fiscal 2013 and reflects our ongoing commitment to effectively deploy capital, including returning cash to shareholders."
The Gores Group, LLC is a global investment firm focused on acquiring controlling interests in mature and growing businesses that can benefit from the firm's operating experience and flexible capital base. The Gores Group was founded in 1987 by Alec E. Gores
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