Harris completes sale of broadcast division - WGEM.com: Quincy News, Weather, Sports, and Radio

Harris completes sale of broadcast division

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QUINCY, Ill. (WGEM) -

The Harris Corporation announced Monday that the sale of its broadcast division has been completed.

An affiliate of The Gores Group, LLC. agreed to purchase the business last December for $225 million, according to a press release. The purchase price includes $160 million in cash, a subordinated promissory note of $15 million and an earnout of up to $50 million.

The price could vary because of future performance.

(See "Harris Corp. announces sale of Broadcast Communications.")

As for the future of the Quincy facility, Gores Group spokesman Brian Galante told WGEM News that there are "no changes planned." Galante would not comment any further.

Harris announced its intentions to sell the broadcast division in May of 2012.

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