MUMBAI: Communications service provider Harris has entered into a definitive agreement to acquire Leitch Technology for $450 million.
Leitch provides high-performance video systems for the television broadcast industry, including routers and distribution equipment, signal processing, signal management and monitoring, servers and storage area networks, branding software and post-production editing systems.
Harris provides digital broadcast technology solutions for global broadcast media markets, including television and radio transmission systems, networking solutions and enterprise-wide software and media management systems.
Harris chai4rman and CEO Howard L. Lance says, "The acquisition further positions our company to lead the broadcast industry's transition to high-definition digital services. Their broad product portfolio provides an excellent complement to our current products and software, and significantly expands our presence in these fast-growing market segments.
"Leitch has a veteran management team with strong domain knowledge and has launched important new products to meet the changing needs of the digital marketplace. Our combined products and systems serve every segment of the increasingly complex supply chain that brings digital audio, video, and data content to consumers. The acquisition of Leitch, following our acquisition of Encoda Systems in November 2004, clearly establishes Harris as the company that broadcasters turn to as they upgrade their equipment and software systems to operate in a digital environment."
The acquisition is to be completed by way of a statutory plan of arrangement and is subject to approval by Leitch shareholders, customary
regulatory and court approvals, and other closing conditions. The transaction is expected to close in the next couple of months.
Harris is an international communications and information technology company serving government and commercial markets in more than 150 countries. With headquarters in Melbourne, Florida, the company has annual sales of over $3 billion and employs 12,600 people including 5,500 engineers and scientists - dedicated to the development of best-in-class assured communications products, systems, and services.
