French conglomerate Technicolor announced that its Grass Valley broadcast equipment business, which has been up for sale since January 2009, may have finally found a new owner in Francisco Partners.
The San Francisco, Calif.-based private equity firm, which has nearly $5 billion under management and focuses on investments in technology-based companies, has made a binding offer to Technicolor to acquire 100% of the Grass Valley Broadcast & Professional business activities. That business includes the camera, content repurposing, editing, master control, modular, news production, production automation, routing, servers, storage and switching product lines, including their entire product portfolios, the R&D centers and factories around the world, sales and systems activities and customer support organization worldwide, as well as the management and administrative support functions dedicated to the business.
The Nevada City, Calif.-based business would operate as "Grass Valley" going forward. Pending final agreement, regulatory approval and applicable notification requirements (and, when it is requested, the prior consultation of staff representatives), the companies say it is expected that the transaction can be completed before the end of 2010.