Harris Corp, a maker of tactical radios used by the military, said it will sell its broadcast communications unit to an affiliate of the Gores Group LLC for $225 million. The offer price includes $160 million in cash, a $15 million subordinated promissory note and a $50 million payout based on future performance, Harris said in a statement.
Harris Corporation (Harris), together with its subsidiaries, is an international communications and information technology (IT) company serving government and commercial markets in more than 125 countries. Shares of HRS remained unchanged at $47.98. In the past year, the shares have traded as low as $33.75 and as high as $52.23. On average, 966997 shares of HRS exchange hands on a given day and today's volume is recorded at 0.
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