We hear that the divestiture of Harris’s Broadcast Division (including its digital signage business), is proceeding along the process timeline that the company expected.
Harris has made it clear that it has no interest in pursuing a sale of the individual product lines or pieces of the Broadcast Division. It wants to sell it as a whole, and Harris Corp. CEO William Brown has publicly made it known that the company’s expectation is for a price substantially higher than $200 million.
We’ve heard that quite a few interested parties have entered the ring and that about a dozen have made it through the initial screening process that has been put in place by an investment bank that is fronting the divestiture.
Apparently, the senior management team will be making presentations and having meetings with these potential acquirers throughout the summer months into September. The corporation’s goal is to have the process completed by the end of this calendar year.
We’ve heard that there is a healthy mix of existing large companies that have expressed serious interest, along with a number of private equity firms.