SUWANEE, GA. – Video and broadband technology company Arris Group, today announced it has completed its acquisition of the Motorola Home business from a subsidiary of Google for approximately $2.2 billion in cash and 10.6 million in shares of its common stock issued to Google.
“This acquisition creates a global player in video delivery and broadband technology. 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,” said Bob Stanzione, Arris chairman and CEO, in a release. “The new Arris has the expertise to transform the industry.”
The company says the cash portion was funded through syndicated debt financing and the sale of 10.6 million of its shares to Comcast Corporation (Motorola's and Arris's biggest customer). As a result, Google and Comcast each hold approximately 7.7% of Arris’ currently outstanding shares.
Arris says the company, which it acquired last December, will be led by a management team of top executives from both companies, who bring with them industry expertise and deep customer relationships.
Arris will release first quarter 2013 financial results after the market close on April 24, 2013.
