UPDATE 1-Harmonic to buy Scopus for $5.62 per share

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Dec 23 (Reuters) - Harmonic Inc (HLIT.O: Quote, Profile, Research), a digital video and broadband optical networking systems provider, agreed to buy Israel's Scopus Video Networks Ltd SCOP.O for $5.62 a share to boost its international video broadcast market and video processing technology.

Harmonic said the deal represents an enterprise value of about $51 million, net of Scopus' cash and short-term investments. The offer represents a premium of 46 percent to Scopus' Monday closing price of $3.84.

Harmonic expects to realize annual savings of $8 million to 10 million from the deal, making it accretive to its adjusted earnings in 2009.

Shares of Scopus, which has about 300 employees worldwide, rose 40 percent to $5.39 in late morning trade on Nasdaq. Sunnyvale, California-based Harmonic's shares fell more than 3 percent to $5.50 on Nasdaq.

The deal is expected to close in the latter part of the first quarter of 2009.

Scopus, which develops digital video networking products that enable network operators to offer advanced video services to their subscribers, reported revenue of $55.4 million for the first nine months of 2008, about 79 percent of which was from outside the United States. (Reporting by Purwa Naveen Raman in Bangalore; Editing by Deepak Kannan)