Belden Announces Definitive Agreement to Divest Grass Valley

The transaction consideration includes an upfront cash payment of $140 million plus various forms of deferred consideration, including a $213 million five-year seller's note, subject to adjustments for retained pension liabilities, up to $130 million in PIK interest on the seller's note over its five-year term, and $150 million in potential earn-out payments. The earn-out payments are based on certain performance thresholds. At closing, Belden will deliver the business with an agreed-upon level of cash and other working capital. As previously announced, Grass Valley's financial results will be presented as discontinued operations in our fourth quarter and full year 2019 financial statements.

John Stroup, President, CEO, and Chairman of Belden Inc., said, "We believe that Black Dragon's deep broadcast industry experience will enable Grass Valley to effectively execute its strategic plan, and we are pleased to announce this definitive agreement. We look forward to supporting the Black Dragon and Grass Valley teams during the transition, and we are extremely excited about the opportunities for Belden going forward as we continue our transformation."

Forward-Looking Statements

This release and any statements made by us concerning the release may contain forward-looking statements including our expectations for the divestiture of Grass Valley. Forward-looking statements include statements regarding future financial performance (including revenues, expenses, earnings, margins, cash flows, dividends, capital expenditures and financial condition), plans and objectives, and related assumptions. Dans certains cas, ces déclarations sont identifiables par l'utilisation de mots tels que « anticiper », « croire », « estimer », « prévoir », « guider », « s'attendre à », « avoir l'intention », « planifier », « projeter », « cible », « peut », « pourrait », « devrait », « sera », « ferait » et d'autres expressions semblables. Les déclarations prévisionnelles reflètent les convictions et les attentes actuelles de la direction mais ne garantissent pas les performances futures. Actual results may differ materially from those suggested by any forward-looking statements for a number of reasons, including, without limitation: the inability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); the inability to achieve our strategic priorities in emerging markets; the increased influence of chief information officers and similar high-level executives; the presence of substitute products in the marketplace; the inability of the Company to develop and introduce new products and competitive responses to our products; the increased prevalence of cloud computing; the inability to successfully complete and integrate acquisitions in furtherance of the Company's strategic plan; the impact of changes in global tariffs and trade agreements; difficulty in forecasting revenue due to the unpredictable timing of orders related to customer projects; foreign and domestic political, economic and other uncertainties, including changes in currency exchange rates; changes in tax laws and variability in the Company's quarterly and annual effective tax rates; the impact of a challenging global economy or a downturn in served markets; the competitiveness of the global markets in which we operate; volatility in credit and foreign exchange markets; the cost and availability of raw materials including copper, plastic compounds, electronic components, and other materials; the inability to obtain components in sufficient quantities on commercially reasonable terms; disruptions in the Company's information systems including due to cyber-attacks; perceived or actual product failures; risks related to the use of open source software; disruption of, or changes in, the Company's key distribution channels; the inability to retain senior management and key employees; assertions that the Company violates the intellectual property of others and the ownership of intellectual property by competitors and others that prevents the use of that intellectual property by the Company; the impact of regulatory requirements and other legal compliance issues; the impairment of goodwill and other intangible assets and the resulting impact on financial performance; disruptions and increased costs attendant to collective bargaining groups and other labor matters; and other factors.

For a more complete discussion of risk factors, please see our Annual Report on Form 10-K for the quarter ended December 31, 2018, filed with the SEC on February 20, 2019. Bien que le contenu du présent communiqué représente notre évaluation la plus juste à la date du présent rapport fondé sur les informations actuellement disponibles et des hypothèses raisonnables, nous ne donnons aucune garantie que les attentes s'avèreront exactes. Les écarts par rapport aux prévisions peuvent être importants. Par conséquent, Belden souhaite mettre le lecteur en garde contre le risque d'accorder une crédibilité excessive à des déclarations prévisionnelles, lesquelles ne sont valables qu'à la date de leur formulation. Belden décline toute obligation de mettre à jour toute déclaration prévisionnelle, suite à de nouvelles informations, des développements futurs ou pour toute autre raison, sauf si cela est requis par la loi.

À propos de Belden

Belden Inc. propose une gamme complète de produits conçus pour répondre aux besoins en infrastructure réseau essentiels à la mission des secteurs industriels et de l'entreprise. Avec des solutions innovantes visant une transmission fiable et sécurisée de quantités toujours plus grandes de données, d'audio et de vidéo, ce qui est nécessaire pour les applications actuelles, Belden se place au centre du passage de l'humanité à un monde connecté. Founded in 1902, the company is headquartered in St. Louis and has manufacturing capabilities in North and South America, Europe and Asia. For more information, visit us at www.belden.com or follow us on Twitter @BeldenInc.

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Source: Belden Inc.