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  • Friday, April 26, 2024

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.

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