Belden Inc. announced today that it has agreed to acquire Miranda Technologies Inc., a Montreal-based maker of broadcast equipment,for approximately $332 million in cash.
Belden Buying Miranda for $332 MIllion
Belden Inc. today announced it is acquiring Montreal-based Miranda Technologies Inc. for C$17 (US$16.34) per share, putting the deal at about US$332 million. The acquisition increases the percentage of Belden’s revenue from networking and connectivity products from 30% to 36%
Miranda is a provider of hardware and software solutions for the broadcast infrastructure industry. Miranda provides solutions for TV broadcasters and content developers to create, manipulate and distribute high-definition video. Its solutions span the full breadth of television operations, including production, playout and delivery.
“This acquisition is another step in the ongoing transformation taking place at Belden,” said John Stroup, president-CEO of Belden. “We believe that the combined company would be a leader in one of Belden’s target market segments and would deliver considerable value for Belden customers and shareholders, as well as provide growth opportunities to Miranda employees. As Hirschmann significantly enhanced our industrial portfolio, we expect Miranda to have a similar impact on our broadcast business. I’m excited about the opportunity ahead for us.”
“We’re pleased to be a part of the transformation taking place at Belden,” said Strath Goodship, president-CEO of Miranda Technologies. “Belden has a strong portfolio of successful businesses, proven experience with many of our broadcast customers, and solid reputation in Canada and Montreal. Our combined efforts will deliver value for all parties involved. This agreement has the full support of Miranda’s management team.”
With existing operations in Montreal, Cobourg, and Vancouver, Belden has a longstanding presence and growing business interests in Canada, where Miranda’s facilities are primarily located. Belden has no plans for any changes to Miranda’s existing operations, including its Montreal base.