Gores Closes on Harris Deal
Harris Broadcast officially is no longer part of Harris now, though the seller will no doubt still be rooting for its offspring to do well, since the terms of the sale include up to $50 million based on future performance.
Harris Corp. said it has completed its previously announced sale of its Broadcast Communications business to an affiliate of The Gores Group LLC for a package valued at $225 million.
It said that the price included $160 million in cash, a $15 million subordinated promissory note and the “earnout” of up to $50 million based on performance. The companies also noted that “the purchase price is subject to customary adjustments.”
Gores and Harris officials have indicated that the business unit will continue to use the Harris Broadcast name during a phaseout period.
Harris Broadcast Looks Ahead to Gores