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Arris closes Motorola deal
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Technology provider Arris has completed its acquisition of the Motorola Home business from Google.
Arris paid Google roughly US$2.2 billion (€1.7 billion) in cash and issued Google 10.6 million shares of its common stock in connection with the deal.
The cash portion was paid using debt financing and the sale by Arris of a further 10.6 million shares to Comcast Corporation. The transactions mean that both Google and Comcast each now own 7.7% of Arris’ outstanding shares.
“This acquisition creates a global player in video delivery and broadband technology,” said Arris chairman and CEO Bob Stanzione.
“We are combining the industry’s top experts and technologies to create a powerful solution for the entire multiscreen delivery chain – from network infrastructure, to transport, to user experience.”
Arris agreed to buy the Motorola Home business from Google in December and got regulatory clearance from the US Department of Justice to complete the acquisition earlier this month.
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