Leitch Technology has announced the completion of its acquisition of Videotek, a privately held video equipment company.
As previously announced, Leitch had entered into a definitive agreement April 18, 2004, to acquire all the shares of Videotek for a purchase price of about $18 million cash.
The first payment was $13 million paid out of the Leitch's cash balances. The remaining purchase price will be paid in two installments in six and 12 months. Leitch will account for this transaction as a purchase during the first quarter ended July 31, 2004.
For more information, please visit: www.leitch.com.