Belden buys Miranda for “leadership” in cable networking, connectivity -
Belden buys Miranda for “leadership” in cable networking, connectivity
Editor ©RapidTVNews | 06-06-2012
Signal transmission solutions provider Belden Inc. has entered into a definitive agreement to acquire broadcast technology firm Miranda Technologies in an all cash deal said to be worth C$345 million.
Miranda provides solutions for TV broadcasters and content developers to create, manipulate, and distribute high definition video. Its solutions span the breadth of television operations, including production, playout, and delivery for cable, satellite and IPTV operators.
With the acquisition, Belden says that the combined company would be a clear leader in the broadcast market for networking, connectivity, and cable solutions and that the acquisition would increase the percentage of Belden's revenue from networking and connectivity products from 30% to 36%.
"This acquisition is another step in the ongoing transformation taking place at Belden," said John Stroup, President and 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…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," added Strath Goodship, President and 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."