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Leitch to acquire Videotek

Companies in this story
Leitch Technology International
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Mergers and acquisitions
LAS VEGAS - Leitch Technology announced today at the National Association of Broadcasters convention that it has entered into a definitive agreement to acquire Videotek, Inc., a privately held video equipment company.

Videotek specializes in test and measurement products and is headquartered in Pottstown, PA. The companies expect to close the transaction in May 2004, and have agreed to a purchase price of approximately US$18 million in cash. Leitch will fund this acquisition through its existing cash balances.

"Videotek extends Leitch's position in the market to enable truly Integrated Content Environments (ICE) that streamline workflow for broadcast and media companies," reads the press release. "For over 30 years, Videotek has been designing and manufacturing leading-edge video and audio equipment for the broadcast, production, cable, satellite, education and government markets. By combining the Videotek line of test and measurement equipment, video demodulators, routing switchers, color correctors and processors with Leitch's content production, storage, processing, transmission and monitoring products, Leitch will offer a comprehensive array of products, technologies and services for the television marketplace."

Leitch president and CEO Tim Thorsteinson said the Videotek products dovetail "perfectly with our video processing and distribution lines. Videotek is a well-run company with a stellar reputation for quality among customers."

Videotek is expected to contribute positive cash flow and will continue to operate out of Pottstown, Pennsylvania. Philip Steyaert, Videotek's co-founder, president and CEO, will continue to run Videotek within the Leitch organization.
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