Harman to buy Symphony Telecafor $780 million
Article continues below
Under the agreement, Harman will purchase Symphony Teleca for a base purchase price of $780 million.
The transaction is subject to customary closing conditions and regulatory approvals and is expected to be completed by the end of Harman’s 2015 fiscal year.
Under the agreement, Harman will purchase Symphony Teleca for a base purchase price of $780 million. In addition, the selling stockholders are eligible for a cash earn-out based on a calendar 2015 revenue target.
Approximately $548 million will be paid at close - $382 million in cash and $166 million in Harman stock. The number of Harman shares issued will be based on the volume weighted average trading price 60 days prior to January 21.
The remainder of the base purchase price as well as any additional earn-outs will be paid in cash in the first quarter of calendar 2016. The cash and stock transaction is expected to be accretive to Harman’s adjusted earnings in fiscal year 2016, excluding purchase accounting charges, transaction costs, integration costs and other special items. The transaction is subject to customer closing adjustments. ■