Harmonic To Acquire Scopus
[Satellite Today 12-23-08] Harmonic has reached an agreement to acquire Scopus Video Networks, a global provider of digital video networking solutions, Harmonic announced Dec. 23.
Under the terms of the agreement, Harmonic will pay $5.62 in cash for each outstanding share of Scopus, representing an enterprise value of approximately $51 million, net of Scopus’ cash and short-term investments.
The proposed acquisition, which has been approved by both company’s board of directors, is subject to customary conditions, regulatory approvals and the approval of Scopus’ shareholders, and is expected to close in the latter part of the first quarter of 2009. Harmonic has received voting agreements supporting the proposed acquisition from shareholders representing approximately 50 percent of Scopus’ outstanding shares.
Harmonic said that the move to acquire Scopus is an effort to expand its worldwide customer base and strengthen its market and technology leadership, particularly in international video broadcast, contribution and distribution markets. The company expects to realize cost synergies upon full integration of Scopus of $8-10 million on an annualized basis.