ARRIS to Buy Moto Cable Biz for $2.35 Billion

ARRIS (NASDAQ:ARRS) and Google (NASDAQ:GOOG) have jointly announced that ARRIS and Motorola Mobility, a Google subsidiary, have entered into a definitive agreement under which ARRIS will acquire the Motorola Home business from Motorola Mobility for $2.35 billion in a cash-and-stock transaction approved by the boards of directors of both companies. The transaction is expected to close by the second quarter of 2013, subject to customary approvals and closing conditions. Under the terms of the agreement, Google will receive $2.05 billion in cash and approximately $300 million in newly issued ARRIS shares.

Together, ARRIS and Motorola Home will have a global presence with over 500 customers in 70 countries, more than tripling ARRIS pro forma combined revenue to approximately $4.7 billion for the trailing four-quarter period ended Sept. 30.

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