Harris Acquires Leitch Technology
October 25, 2005 at 2:02 PM (PT)
HARRIS CORP. announced today that it has completed its previously announced acquisition of LEITCH TECHNOLOGY CORP. following approval by LEITCH shareholders and court approval of the transaction. LEITCH shareholders approved the acquisition by HARRIS of all of the outstanding common shares of the TORONTO-based company for a cash price of C$14.00 per share. Total cash consideration paid by HARRIS, net of LEITCH's cash on hand, was approximately $450 million.
"The addition of Leitch's talented workforce, complementary product portfolio and customer base helps establish Harris as the partner of choice for broadcasters upgrading their equipment and software systems to operate in a digital environment," said HARRIS CEO Chairman, Pres., and CEO HOWARD LANCE.