Harmonic Closes $50 Million Scopus Acquisition
In Wake Of Deal's Closing, Israeli Digital Video Firm's Shares Delisted On NASDAQ
By Todd Spangler -- Multichannel News, 3/12/2009 11:48:57 AM
Harmonic has closed its acquisition of Scopus Video Networks, an Israeli provider of digital video networking products, a deal worth about $50 million.
Under the terms of the deal, announced in December, each ordinary share of Scopus outstanding as of Thursday has been automatically converted into the right to receive $5.62 in cash subject to applicable withholding taxes.
Harmonic said Thursday that it continues to expect cost synergies of $8 million to 10 million on an annualized basis once Scopus becomes fully integrated into the existing Harmonic organization and management structure. The transaction is expected to be accretive to Harmonic's non-GAAP earnings in 2009, excluding the amortization of intangibles and non-recurring charges such as restructuring and transaction costs.
Harmonic's acquisition bid was approved by approximately 90% of the outstanding shares of Scopus voting at a special meeting held Feb. 6.
In connection with the closing, trading of Scopus shares on the NASDAQ exchange will cease as of Thursday and Scopus will delist its shares.
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