ARRIS Acquires Motorola Home: Creates Premier Video Delivery and Broadband Technology Company
Powerful Combination Transforms Industry, Accelerates Innovation
ARRIS Group, Inc. (NASDAQ: ARRS) announced that it completed its acquisition of the Motorola Home business from a subsidiary of Google Inc. This combination will enable ARRIS to transform how service and content providers deliver entertainment and communications. ARRIS paid Google approximately $2.2 billion in cash and issued Google 10.6 million shares of its common stock in connection with the transaction.
The cash portion of the consideration was funded through syndicated debt financing and the sale by ARRIS of 10.6 million ARRIS shares to Comcast Corporation. As a result of these securities transactions, Google and Comcast each hold approximately 7.7% of ARRIS’ currently outstanding shares.
“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, Chairman and CEO of ARRIS. “The new ARRIS has the expertise to transform the industry.”
The company will be led by a management team of top executives with unrivaled experience from both companies. These leaders have a proven track record for pioneering many of the industry’s most significant transformations to date, and bring with them deep customer relationships and industry expertise.
As previously announced, ARRIS will release first quarter 2013 financial results after the market close on Wednesday, April 24, 2013. ARRIS management will also conduct a conference call at 5:00 p.m. EDT on the same day to discuss these results. More information about this conference call can be found on ARRIS Investor Relations website:
http://ir.arrisi.com/phoenix.zhtml?c=87823&p=irol-newsArticle&ID=1804842&highlight=
About ARRIS
ARRIS is a premier video and broadband technology company that transforms how service providers worldwide deliver entertainment and communications without boundaries. Its powerful end-to-end platforms enable service and content providers to improve the way people connect – with each other and with their favorite content. The Company’s vision and expertise continue to drive the industry’s innovations, as they have for more than 60 years. Headquartered north of Atlanta, in Suwanee, Georgia, ARRIS has R&D, sales and support centers throughout the world. For more information: www.arrisi.com
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