The Gores Group to Acquire Harris Broadcast Communications
Dec 13, 2012 (Close-Up Media via COMTEX) --
The Gores Group announced that through an affiliate it has signed a definitive agreement to acquire Harris Broadcast Communications from Harris Corp. for $225 million.
In a release dated Dec. 10, the Company said Harris Broadcast Communications is a supplier of hardware and software that creates, manages, transmits, distributes and monetizes video content.
"In Harris Broadcast Communications, we are investing in a proven technology leader with great products and a great team," said Ryan Wald, Managing Director for The Gores Group. "We are excited to provide the capital and support to transition this division to a strong independent company further enabling it to continue developing and delivering market leading technologies to its customers."
Harris Morris, President of Harris Broadcast Communications, said, "We are thrilled to become a part of The Gores Group. They provide proven capabilities including operations expertise, experience in carve-outs, and significant investment capital. The Gores team, which includes Senior Advisor Carl Vogel, a long time C-level executive in the cable and satellite business, worked diligently to truly understand our business, and they believe Harris Broadcast Communications is the right company to anchor their presence in the industry. They value our established global customer relationships, innovative growth platforms, broad product portfolio, and experienced team. They are committed to supporting us in continuing to innovate and grow, and we look forward to our future together."
The Gores Group is an investment firm.
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