Harris will acquire Leitch Technology, purchasing all outstanding common shares of the company.
Harris will pay a cash price of about $16 per share amounting to total consideration of approximately $450 million. This represents a premium of 44 percent over the 20-day volume weighted average trading price.
With non-competing product lines, the combined companies can offer products and systems to serve every segment of the supply chain that brings digital audio, video and data content to consumers.
The transaction is expected to be complete by the end of October and is subject to regulatory approval and acceptance by Leitch shareholders.