Miranda Technologies to be acquired by Belden
Belden Inc (NYSE: BDC), a global leader in signal transmission solutions for mission critical applications, has announced the successful acquisition of Canada’s Miranda Technologies Inc. for C$377 million (approx. £243 million). Miranda is one of the world's leading providers of hardware and software solutions for television facilities, with a client base that includes broadcasters, cable, satellite, and IPTV operators.
St. Louis−based Belden Inc. has manufacturing capabilities in North America, South America, Europe, and Asia, and a market presence in nearly every region of the world. They design, manufacture, and market cable, connectivity, and networking products in markets including industrial automation, enterprise, transportation, infrastructure, and consumer electronics. It has approximately 6,800 employees, and provides value for industrial automation, enterprise, education, healthcare, entertainment and broadcast, sound and security, transportation, infrastructure, consumer electronics and other industries.
Although Belden has existing operations in Montreal, Cobourg and Vancouver, the company has announced that it currently has no plans for any changes to Miranda’s existing operations, including its Montreal base. Rather, Belden believes the deal will help cater to the needs of the television broadcast industry.
John Stroup, Belden Chief Executive, said in a statement: "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."
Miranda announced last March that it would run a process to determine whether there was an appropriate strategic partner that would enable it to keep growing its business. Belden offered Miranda shareholders C$17 a share which was described as an ‘attractive opportunity’ by its president and CEO, Strath Goodship. BMO Capital Markets acted as financial advisors to Miranda on the deal, while Osler, Hoskin & Harcourt LLP acted as legal counsel. Osler is a leading business law firm practicing nationally and internationally from its offices across Canada and in New York.
Partner Robert Yalden commented: