Harris Corporation officials have announced the sale of Broadcast Communications to a firm based out of Los Angeles.
The Gores Group, LLC has agreed to purchase the Quincy-based division of Harris Corp. for a total of $225 million.
According to a release, the price includes $160 million in cash, a $15 million subordinated promissory note and an earnout of up to $50 million based on future performance.
"The sale of Broadcast Communications reflects our strategy to optimize our business portfolio and focus on our core businesses," said William M. Brown, president and chief executive officer of Harris. "As previously communicated, we plan to repurchase up to $200 million of our shares after the deal closes.
"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," Brown added.
Harris announced plans to sell off Broadcast Communications back in May, and the sale is expected to be completed in early 2013.
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