QUINCY, ILL. -- According to a Reuters article released Thursday morning, Quincy-based Harris Corporation will sell its broadcast communications unit to an affiliate of Gores Group LLC. for $225 million.
The company said in a statement to Reuters that the transaction is expected to be completed in early 2013 and the offer price includes $160 million in cash, a $15 million subordinated promissory note and a $50 million payout to be based on future performance.
The company manufactures radio and television equipment including transmitters, consoles and STL equipment.
Company spokesman Brian Galante told KHQA on November 2, 2012 that the company was in discussions with several serious potential buyers and said a sale could come as early as the end of the year.
KHQA also spoke with Quincy Mayor John Spring this morning.
Spring says he sees this as a positive move for Quincy and applauds Harris for finding the right company to take over the broadcast division.
He says Gores Group LLC is a strong company that can keep the Quincy office intact and maybe even make it stronger.
TV Station Profiles & Public Inspection Files forKHQA