ARRIS and TANDBERG Television have reached an acquisition agreement by which the former will purchase all outstanding shares of the latter.
The aggregate purchase price is expected to be $1.214 billion at current exchange rates. The transaction is expected to take place in the second quarter of 2007 and is subject to regulatory and other customary approvals.
ARRIS is a global provider of VoIP data broadband network equipment and consumer premises devices. TANDBERG Television offers solutions for advanced compression, on-demand and interactive television.
Upon completion of the transaction, the new company will have more than 1600 employees and more than 2000 customers in more than 100 countries.