It's done.
Arris Group closed its $2.35 billion acquisition of Motorola
Mobility's Home unit from Google Wednesday morning, sealing up a deal that will
make Arris the nation's largest set-top supplier and put it in position to
compete more directly with Cisco Systems.
Under terms of the deal, Arris paid Google about $2.2
billion in cash and issued Google 10.6 million shares of its common stock in
connection with the deal. Part of the deal was funded through the sale of
10.6 million shares to Comcast, Arris's largest customer. As a result,
Google and Comcast now each hold 7.7 percent stakes in Arris, but do not have
board seats.
Arris intends to announce the new leadership structure of
the newly combined company on Thursday, April, 18, Arris chairman and CEO
Bob Stanzione told Multichannel News, in an interview. Former
Charter Communications CTO Marwan Fawaz has led Horsham, Pa.-based Motorola
Home since
June 2012.
