Slate Capital Buys Broadcast Sports for $27 Million

NEW YORK (TheDeal) -- Baltimore private equity firm Slate Capital Group said Monday it has purchased Broadcast Sports from L-3 Communications (LLL).

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."

The Broadcast Sports divestiture comes on the heels of a deal announced by L-3 in December to sell its Marine Systems International business to Wärtsilä of Finland in a transaction valued at an initial €285 million, or $356 million.

If you liked this article you might like

Cramer: How Picking Stocks Is Like Fantasy Football

The Bull Run in L3 Technologies Continues

Analysts' Actions -- Autodesk, Estee Lauder, Newell Brands, Western Digital and More

Trump Budget Has Potentially Huge Upside for Defense Stocks