Wait, don't miss out on the latest GovCon industry news!

Sign Up Now! GovCon Wire provides you with Daily Updates and News Briefings

*By clicking "Join us now" you agree to receive email, promotions and general messages from GovCon Wire, In addition, you also agree to GovCon Wire Privacy Policy and Terms & Conditions.

X Remind me Later

Harris Wraps Up $225M Broadcast Group Sale

Harris logo_GovConWireHarris Corp. (NYSE:HRS) has completed the sale of its broadcast communications business to an affiliate of The Gores Group LLC for $225 million, Harris said Tuesday.

The transaction value includes $160 million in cash, a $15 million subordinated promissory note and a potential $50 million earnout based on the group’s future performance.

Harris announced the deal in December 2012 and President and CEO William Brown said at the time the company would use the funds for a $200 million share repurchase program.

The company announced its second quarter 2013 earnings last week, reporting 4 percent more revenue in its government communications systems segment and a 3-percent revenue jump in its integrated network solutions segment.

GovCon Wire Logo

Sign Up Now! GovCon Wire provides you with Daily Updates and News Briefings about M&A Activity

Related Articles