Site search
sponsored by
News
Sports
French media technology group Thomson is struggling to agree to terms for the sale of its Grass Valley facility to U.S. investment fund Platinum Equity, French daily La Tribune has reported.
The French paper said the fund and the group were at odds on the level of financing required to fund the restructuring of Grass Valley Group. La Tribune said other companies might be looking at the unit, but no serious talks had been embarked on.
Founded in 1995, Platinum Equity specializes in the acquisition and operation of information technology and telecommunications companies. Its website reports annual aggregated revenues from those companies at more than $27 billion.
Representatives from Thomson remained tight-lipped regarding the status of the negotiations.
“Thomson is pursuing discussions for the disposal of Grass Valley activities,” spokeswoman Marine Boulot said in an e-mail Monday morning. “It is premature at this stage to anticipate the outcome of the discussions.”
Thomson is still talking with several interested parties about the disposal of the broadcast and TV equipment unit and the group hopes to sign the sale in the second half of the year, the group said in a press release at the end of October.
Faced with rising debt, Thomson announced last January it would sell the Nevada County-based facility, which has pioneered many video-related technologies. It holds at least 400 patents, has earned more than 20 Emmy Awards and is a world leader in video technology.
Thomson had hoped to complete the sale by early September.
Grass Valley Group's operations manager Dave Perillo said Monday there was “no comment I can make at this point relative to the sale process.”
Representatives from Platinum did not return a call for comment.
“The Group,” as it has been known since it was founded by Dr. Donald Hare 50 years ago, employs an estimated 300 people from its buildings on Providence Mine Road in Nevada City.
Thomson acquired Grass Valley Group in 2002. The international corporation was formed in 1879 as Thomson-Houston by Elihu Thomson and Edwin Houston, two Philadelphia teachers who built the company into a leading electronics firm.
To contact Staff Writer Liz Kellar, e-mail lkellar@theunion.com or call 477-4229.
The French paper said the fund and the group were at odds on the level of financing required to fund the restructuring of Grass Valley Group. La Tribune said other companies might be looking at the unit, but no serious talks had been embarked on.
Founded in 1995, Platinum Equity specializes in the acquisition and operation of information technology and telecommunications companies. Its website reports annual aggregated revenues from those companies at more than $27 billion.
Representatives from Thomson remained tight-lipped regarding the status of the negotiations.
“Thomson is pursuing discussions for the disposal of Grass Valley activities,” spokeswoman Marine Boulot said in an e-mail Monday morning. “It is premature at this stage to anticipate the outcome of the discussions.”
Thomson is still talking with several interested parties about the disposal of the broadcast and TV equipment unit and the group hopes to sign the sale in the second half of the year, the group said in a press release at the end of October.
Faced with rising debt, Thomson announced last January it would sell the Nevada County-based facility, which has pioneered many video-related technologies. It holds at least 400 patents, has earned more than 20 Emmy Awards and is a world leader in video technology.
Thomson had hoped to complete the sale by early September.
Grass Valley Group's operations manager Dave Perillo said Monday there was “no comment I can make at this point relative to the sale process.”
Representatives from Platinum did not return a call for comment.
“The Group,” as it has been known since it was founded by Dr. Donald Hare 50 years ago, employs an estimated 300 people from its buildings on Providence Mine Road in Nevada City.
Thomson acquired Grass Valley Group in 2002. The international corporation was formed in 1879 as Thomson-Houston by Elihu Thomson and Edwin Houston, two Philadelphia teachers who built the company into a leading electronics firm.
To contact Staff Writer Liz Kellar, e-mail lkellar@theunion.com or call 477-4229.
