Comcast strikes deal to buy up to 8m Arris shares

Comcast has struck a deal that could see it purchase up to 8 million Arris shares, based on the amount of products and services Comcast buys from the company.

The ‘warrant and registration rights agreement’ allows Comcast to purchase between 1.0 million and 3.0 million Arris shares this year and between 1.0 million and 5.0 million next year.

The number is dependent on the products and services Comcast buys from Arris in 2016 and 2017. To buy more than 1 million shares it must make a set percentage of purchases from Arris’ ‘Network and Cloud’ segment during each year.

“The exercise price per share is US$22.19, which represents the average volume-weighted price of Arris’ ordinary shares on Nasdaq for the 10-day trading period preceding the date of the warrant,” said Arris in a filing with the US Securities and Exchange Commission.