General Instrument Goes Public Again
Less than two years after taking General Instrument private for $1.6 billion, Forstmann Little has taken it public again. On June 9, GI floated 22 million shares, at $15, for a take of $330 million. That means the original $200 million equity stake put up by several Forstmann Little partnerships and by management in the August, 1990, buyout has nearly tripled in value, to $550 million. During the same period, debt at the maker of cable-TV and broadcast-satellite products has soared from zero before the deal to $1 billion. Two proposals by GI and partner MIT are being tested this summer as part of the process to select a U.S. standard for high-definition television transmission.
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