In the run-up to IBC, it seems like its acquisition and merger time as ever. Ross Video and Codan have announced that Ross has entered into a letter of intent to buy 100% of the shares of Codan’s wholly-owned Melbourne-based subsidiary, Codan Broadcast Products.
Ross plans to continue operations from Codan Broadcast’s current premises in Melbourne, Australia with the name of the business and product branding changing to Ross Video. Codan Broadcast products will become part of the Ross product portfolio.
Key new products that Ross will acquire include a flagship line of routing systems that will complement and enhance the already extensive Ross product portfolio. Codan Broadcast’s significant presence in the Australian market will provide Ross with even greater access to and better support for Australian customers.
"We are excited about the addition of Codan Broadcast," said David Ross, CEO Ross Video. "And have long admired the superior design and engineering of their products. We are delighted that they will become part of Ross and that customers globally will benefit from the dramatically expanded market access that Ross brings to the table."
"We believe that this transition is great for Codan Broadcast customers," commented Mike Heard, CEO Codan Broadcast. "Ross has a great reputation for customer service and support as well as a long track record of continuing to invest in product development and product enhancements."
The sale, subject only to the finalisation of due diligence, is scheduled for completion on 31 August, 2010.