04.01.2009 04:20 PM
Harmonic-Scopus $50M Deal Completed
Harmonic's acquisition of Scopus is complete. Harmonic (NASDAQ: HLIT), which develops video compression technology, closed the deal at $5.62 a share in cash—roughly $50 million net of Scopus' cash and short-term investments.
The deal was first proffered in late December, and after some shareholder resistance, went through at the original per-share price. Scopus, a video-processing specialist, posted a profit of $346,000 on revenues of nearly $75.7 million for 2008. Harmonic ended 2008 with net income of $64 million on revenues of nearly $365 million. Harmonic said it expected to save $8 million to $10 million annually on operations once Scopus is fully integrated.