THE STREET
SLATE CAPITAL BUYS BROADCAST SPORTS FOR $27 MILLION
May 4, 2015
NEW YORK (TheDeal) -- Baltimore private equity firm Slate Capital Group said Monday it has purchased Broadcast Sports from L-3 Communications (LLL) - Get JX Luxventure Limited Report.
Terms were not disclosed, but L-3 stated in its quarterly filing with the Securities and Exchange Commission on April 30 that it divested of its Broadcast Sports business for $27 million.
Hanover, Md.-based Broadcast Sports is a provider of wireless technology and communications systems services for the sports broadcast industry. It has provided point-of-view coverage from events such as the Olympics, Daytona 500 and the America's Cup.
L-3 chairman, president and CEO Michael Strianese mentioned the transaction during an earnings call on April 30, but did not name the buyer.
"We recently sold our Broadcast Sports business to a private equity firm," Strianese said. "Though small, this disposition is consistent with our strategy to continuously evaluate our portfolio, and divest non-core businesses to strengthen our core businesses and better position us to capture growth opportunities."