Harris Sells of Broadcast Biz for $225M
MELBOURNE, Fla. -- Harris Corporation (NYSE:HRS) has completed the previously announced sale of its Broadcast Communications business to an affiliate of The Gores Group, LLC for $225 million. 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 purchase price is subject to customary adjustments. Harris announced December 6, 2012 that it had reached an agreement to sell Broadcast Communications to The Gores Group, LLC as part of the company’s strategy to optimize its business portfolio and focus on its core businesses. Harris Corp.