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© andrzej thiel dreamstime.com Electronics Production | December 20, 2012

Arris acquires Motorola Home Business for USD 2.35bn

Arris Group, Inc. and Motorola Mobility, a Google subsidiary, have entered into a definitive agreement under which Arris will acquire the Motorola Home business from Motorola Mobility.
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.

Under the terms of the agreement, upon closing of the transaction, Google will receive $2.05 billion in cash and approximately $300 million in newly issued ARRIS shares, subject to certain adjustments provided for in the agreement, representing an approximately 15.7% ownership interest in Arris post-closing.

"This transformational combination of two complementary businesses will create a leading end-to-end provider of today's video, data, and voice products and tomorrow's next-generation IP-based broadband products," said Bob Stanzione , Chairman and CEO of Arris. "Ever-expanding consumer demand for bandwidth will continue to drive growth across cloud and network technologies we provide that enable innovative home entertainment products and services."

"Our Home business has been a vibrant part of Motorola Mobility's portfolio, innovating while delivering strong financial performance," said Dennis Woodside , Chief Executive Officer of Motorola Mobility, the Google subsidiary that is the parent of Motorola Home. "The industry faces its biggest technology transformation, and together Arris and Motorola will be able to accelerate related innovations such as the introduction of the IP Connected Home environments that service providers need and that their consumers crave."

The transaction is expected to close by the second quarter of 2013, subject to customary approvals and closing conditions.

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