Harmonic completes sale of Video Business to MediaKind

Strategic divestiture positions Harmonic as a pure-play broadband technology company with $145 million cash infusion

Harmonic, provider of virtualized broadband solutions, has completed the sale of its Video Business to MediaKind for $145 million in cash, marking a significant step in the company's transformation into a pure-play broadband technology provider. The purchase price remains subject to net working capital and other customary post-closing adjustments.

The divestiture allows Harmonic to concentrate its financial resources, operational capabilities and strategic investments on its virtualized broadband business, which has become the fastest-growing segment within the company's portfolio. The transaction also strengthens Harmonic's balance sheet, providing additional capital to accelerate innovation, expand its customer base and pursue new opportunities in the global broadband market.

Harmonic doubles down on virtualized broadband

With the completion of the transaction, Harmonic is directing its full attention to advancing virtualized software-defined broadband networks, an area where it has established relationships with many of the world's largest telecommunications operators.

Nimrod Ben-Natan, President and CEO of Harmonic, said: "We now turn our full focus and capital toward broadband, where our established footprint with the world's largest operators positions us as a leader in the industry's shift to virtualized software-defined broadband networks powered by intelligence capabilities. We are proud of the exceptional work our Video Business has accomplished and are confident they will continue to deliver the same innovation and dedication as a part of MediaKind."

Strong position in broadband infrastructure

According to Dell'Oro Group, Harmonic is the market share leader in cable broadband equipment, virtual CMTS and Distributed Access Architecture (DAA).

The company's cOS™ platform currently powers next-generation broadband services across nearly 46 million customer premises equipment (CPE) devices deployed by major network operators throughout North America, Europe, Latin America and Asia.

www.harmonicinc.com

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