Harris completes acquisition of Leitch

Harris Corporation and Leitch Technology Corporation announced that Harris has completed its previously announced acquisition of Leitch 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 US$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 Howard Lance, chairman, president and CEO of Harris. "No other company offers the breadth of products that span the entire digital media content delivery chain. This acquisition enables Harris to further expand into larger, faster-growing broadcast markets, and we're delighted that Tim Thorsteinson and his leadership team will remain with the company and continue to build on Leitch's success as a business unit within our Broadcast Communications Division."
Leitch shareholders should refer to Leitch's management information circular dated September 16, 2005 for information regarding receipt of the payment of C$14.00 per share for their Leitch shares.
(CD/SP)