News

InNews

Belden / Grass Valley Pays US$94M For SAM

14/02/2018

USA /CAN / GBR: Belden / Grass Valley has disclosed in its annual financial filing to the SEC that it has paid US$94.2 million for Snell Advanced Media.

A statement in the formal Belden filing said: "On February 8, 2018, we acquired a company for a purchase price of $75.8 million, plus we assumed debt of $18.4 million. The acquisition includes a potential earn-out for which we have not yet estimated a fair value. This acquisition was funded with cash on hand.
"We are in the preliminary phase of the purchase accounting process, including obtaining third party valuations of certain tangible and intangible assets acquired. As such, the purchase accounting process is incomplete and we cannot provide the required disclosures of the estimated fair value of the assets and liabilities acquired for this business combination."

The newly merged company will be headquartered in Montreal and operate under the Grass Valley brand with Tim Shoulders, President of Grass Valley heading the combined operation, working with SAM's Chief Executive Eric Cooney, who will continue to serve in an advisory capacity.

It is understood that the SAM brand will be retired, although some unspecified products from the brand will be retained. Grass Valley has said that both companies will combine on a single stand at NABSHOW 2018 in Las Vegas.

www.grassvalley.com


(c) InBroadcast 2018
- All rights reserved.

Back to News

Ikegami