Harris Broadcast President Morris: Sale to The Gores Group ‘Brings Enormous Value’
Last week, it was announced that Harris Corporation reached an agreement to sell its Broadcast Communications division to an affiliate of The Gores Group, LLC for $225 million. Harris Broadcast President Harris Morris released the following statement addressing the deal:
I am very pleased to share with you the news that The Gores Group, a global investment firm focused on acquiring controlling interests in mature and growing businesses, has made a binding offer to acquire the Harris Broadcast Communications Division from Harris Corporation. The Gores Group has successfully acquired and operated more than 80 companies around the world, and we are excited to help continue that tradition.
An exciting new chapter
Today’s announcement marks a new chapter for both our company and our customers. I am very excited about this acquisition and the future of Harris Broadcast under new ownership.
The Gores Group brings enormous value to Harris Broadcast— experience in diverse technology and media sectors, operational and financial expertise, a global investment approach, a flexible capital base, and a reputation for adding value to the businesses it acquires. Being owned by The Gores Group as a privately-held company will enable Harris Broadcast to capitalize on our market-leading position, continue to pursue growth opportunities, and aggressively respond to continually evolving market trends and customer needs.
A steady course
As I announced in an earlier communication, Harris Broadcast has retained use of the Harris brand for an extended period following the close. The Harris brand is highly regarded across the broadcast market — and we are determined to maintain that. Regardless of ownership, our customers can feel confident doing business with a company they know and trust.
The Gores Group is acquiring all Harris Broadcast business areas and product lines and is excited by the end-to-end offering that Harris has in its portfolio. They are committed to developing leading edge technologies across the broadcast value chain.
We view our reputation for world-class support as our most highly valued asset, and our commitment to providing our customers with exceptional service at every stage of the sales cycle remains firm under new ownership.
Finally, we remain steadfast in our strategy to pursue attractive opportunities regardless of geographic location, which enables us to effectively address the needs of our growing global customer base.
I want to extend my sincere appreciation for the loyalty you have shown our company as this process has unfolded, and reiterate that our valued relationships remain our top priority.
As we lead the business under new ownership, my global Harris Broadcast team and I will ensure our dedication to our customers and partners remains steadfast, and that we are completely focused on meeting your most important needs.
From a timing perspective, it is intended that this transaction will close in the first quarter of 2013. I invite you to contact any of the global team, including me, should you have any questions regarding this announcement. View the press release >>