Leitch purchases the video equipment company for $18 million cash.

Leitch has agreed to acquire all the shares of Videotek for a purchase price of approximately $18 million in cash.

Leitch Technology has announced the completion of its acquisition of Videotek, a privately held video equipment company.

In mid-December Leitch entered into a definitive agreement to purchase Inscriber for a total purchase price of $18 million

Harris Corporation and Leitch Technology Corporation announced today that Harris has completed its previously announced acquisition of Leitch following approval by Leitch shareholders and Court approval of the transaction. Leitch shareholders approved the acquisition by Harris of all of the outstanding common shares of the Toronto-based company for a cash price of C$14.00 per share. Total cash consideration paid by Harris, net of Leitch’s cash on hand, was approximately US$450 million.

Leitch shareholders approved the acquisition with a total cash consideration of approximately $450 million

The companies plan to close the transaction in May 2004.

The company will continue to operate out of its Waterloo, Ontario office just southwest of Leitch’s Toronto-based offices