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ARRIS Group Inc To Acquire Motorola Home Business For $2.35 Billion In Cash And Stock From Google Inc's Motorola Mobility


Wednesday, 19 Dec 2012 06:12pm EST 

ARRIS Group Inc and Google Inc 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 acquisition will be on a cash-free, debt-free basis and is expected to be significantly accretive to ARRIS' Non-GAAP earnings starting in the first full year after closing. 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. The transaction is expected to close by the second quarter of 2013. The cash portion of the consideration to be received by Google at closing will be funded through debt financing commitments from Bank of America Merrill Lynch and Royal Bank of Canada. 

Company Quote

571.6
-15.82 -2.69%
31 Jul 2014