ARRIS International plc completed its previously announced $2.1B (£1.4B) acquisition of Pace plc.
In addition to CPE, the combination further establishes ARRIS as a global leader in HFC/Optics, complementing its established CMTS leadership position.
"ARRIS is investing in our industry's next stage of growth. This acquisition enables us to scale our leadership and innovation to transform global entertainment and communications for millions of people," said Bob Stanzione, Chairman and CEO of ARRIS. "Our combined organization unites two of the strongest leadership and engineering teams in the industry—giving us the scale, expertise, and technology to make ARRIS, more than ever before, the partner of choice for the world's leading service providers. Together with our customers, we're creating a world of connected, personalized entertainment and communications that blend seamlessly into our everyday lives."
http://www.arris.com
ARRIS to Acquire Pace for $2.1 Billion
ARRIS Group agreed to acquire Pace plc., a supplier of networking equipment for cable operators, for US$2.1 billion (£1.4 billion) is stock and cash.Under the agreed upon terms, Pace shareholders will receive £1.325 of cash and a fixed exchange ratio of 0.1455 New ARRIS shares for each Pace share, reflecting aggregate consideration as of April 21, 2015 of £4.265 per share, representing a 28% premium to the Pace closing share price as of April 21, 2015.
The transaction will result in the formation of New ARRIS, which will be incorporated in the U.K., and its operational and worldwide headquarters will be in Suwanee, GA USA. New ARRIS is expected to be listed on the NASDAQ stock exchange under the ticker ARRS. In connection with the formation of New ARRIS each current share of ARRIS will be exchanged for one share in New ARRIS.
