Harmonic Completes $145M Video Business Sale, SVP Haltmayer Retires
HLIT sits 91% above its 52-week low of $7.8.
Summary
Harmonic Inc. has completed the sale of its Video Business to MediaKind for $145 million in cash, a strategic move that transforms the company into a pure-play broadband firm. This follows the 8-K filed yesterday, June 17th, which announced the completion of the sale. The cash infusion strengthens the balance sheet and supports the company's focus on its growing broadband operations. Neven Haltmayer, SVP and GM of the divested Video Business, has retired as a result of the acquisition's closing.
At the time of this announcement, HLIT was trading at $14.91 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.6B. The 52-week trading range was $7.80 to $17.68. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.