Harris Corporation has completed the sale of its Broadcast Communications business to The Gores Group.
The $225m (£142m) deal includes $160m (£101m) in cash, a $15m (£9.5m) subordinated promissory note and an earnout of up to $50m (£31m) based on future performance.
“This is an exciting new chapter for Harris Broadcast, our employees and our customers,” said Harris Broadcast chief executive Harris Morris.
“The Gores Group is an ideal fit to help us move the business forward and help drive innovation, streamline operations and improve customer service.
“They will also provide us additional resources such as a flexible capital base and introduce new talent to the company.”
The deal with The Gores Group was announced in December.