Home / M&A Activity / Harris Selling Broadcast Segment for $225M as Part of $200M Share Buyback; William Brown Comments

Harris Selling Broadcast Segment for $225M as Part of $200M Share Buyback; William Brown Comments

William Brown

Harris Corp. (NYSE: HRS) has agreed to sell its broadcast communications segment to an affiliate of The Gores Group for $225 million, including $160 million at the expected close date in early calendar year 2013.

Harris said the deal, subject to regulatory review and closing conditions, also includes a $15 million subordinated promissory note and a potential $50 million payout based on future performance.

“We plan to repurchase up to $200 million of our shares after the deal closes, ” Harris President and CEO William Brown said. “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 company recently increased its quarterly dividend 12 percent, declaring a 37-cent dividend per share.

Check Also

Leidos Awarded $73M Navy IDIQ to Develop Acoustic Surveillance Tech

Leidos (NYSE: LDOS) has been awarded a three-year, $72.8M contract to help the U.S. Navy build a wide area surveillance technology to support antisubmarine warfare missions. The company will develop the Transformational Reliable Acoustic Path System for the Navy's Maritime Surveillance Systems Program Office, the Department of Defense said Friday.

Oshkosh Gets Green Light for Army JLTV Full-Rate Production

Oshkosh (NYSE: OSK) obtained approval Thursday to begin the full-rate production of Joint Light Tactical Vehicles, nearly four years after the company won a $6.7B contract to build the new armored vehicle platform for the U.S. Army and Marine Corps.