SUWANEE, GA – Video, IP and broadband technology company Arris Group is buying U.K.-based Pace for aggregate stock and cash consideration of US $2.1 billion.
Pace is a provider of technology solutions to the Pay TV and broadband industries. Headquartered in the U.K., Pace has a customer base of over 200 operators across the world, and employs around 2,300 people in locations that also include the U.S., France, India, and China.
Arris said that the deal provides it with large scale entry into satellite segment; enhances its international presence; and expands its product portfolio across equipment, software, and services. The transaction will result in the formation of New Arris, which will be incorporated in the U.K. with its operational and worldwide headquarters in Suwanee, GA. Arris chairman and CEO Bob Stanzione will be New Arris chairman and CEO and the then-current Arris board of directors will serve as the New Arris board of directors.
"This transaction is another example of Arris's ongoing strategy of investing in the right opportunities to position our company for growth”, said Stanzione, in the announcement. “We expect this merger will enable Arris to increase its speed of innovation. We believe this is a tremendous opportunity for Arris and our customers, employees, shareholders and partners around the world as we collaborate to invent the future.”
The proposed transaction has been approved by the respective boards of directors of Arris and Pace and is expected to close in late 2015 after the satisfaction of customary closing conditions, including Arris and Pace shareholder approval and regulatory approvals.
