[SatNews] Ross Video Limited and Codan Limited have jointly announced that Ross has entered into a letter of intent to buy 100 percent of the shares of Codan’s wholly-owned Melbourne-based subsidiary, Codan Broadcast Products Pty Ltd. The sale, subject only to the finalization of due diligence, is scheduled for completion on 31 August, 2010.
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.
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