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Arris takeover of Pace probed by US Justice Department
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Arris and Pace have each received a second request for information from the US Department of Justice (DOJ) about Arris’ US$2.1 billion (€1.9 billion) takeover of its set-top box rival.
The additional information request is part of the regulatory process under the Hart-Scott-Rodino Antitrust Improvements Act – which requires any investor seeking to acquire a 15% stake, or a stake valued at more than US$15 million, in a company to file a report with the government so that regulators can determine whether it would violate antitrust laws.
Arris said that it and Pace “intend to respond to the requests as quickly as practicable and to continue to work cooperatively with the DOJ in connection with its review.” It added that it still expects the deal to close in late 2015.
Arris agreed to buy Pace in a cash and stock agreement in April – almost two years to the day after Arris completed its US$2.2 billion buyout of Motorola Home from Google.
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