The sale of the shares to Comcast is being made in connection with the previously announced Arris acquisition of the Motorola Home business from Motorola Mobility, a subsidiary of Google Inc., based in Horsham, PA.
Under terms of the Motorola Home agreement, the shares issued to Comcast will reduce, on a share-for-share basis, the number of shares of Arris stock to be issued to Google and simultaneously increase the cash consideration to be received by Google by $150 million.
As a result of the sale to Comcast, Comcast and Google will each own approximately 7.85 percent of the outstanding Arris shares post-closing based on Arris’ current capitalization.
Headquarter in Suwanee, GA, Arris is a global communications technology company specializing in the design, engineering and supply of broadband services for residential and business customers around the world. The company provides broadband operators with the tools and platforms they need to deliver telephony, demand driven video, next generation advertising and high-speed data services.
Last December, Arris announced it would acquire the Motorola Home business from Motorola Mobility, for $2.35 billion in a cash-and-stock transaction. With the new deal, Comcast has joined in the cable box and modem business.
“We believe this investment by one of our largest customers is a strong indication of customer support for the Motorola Home acquisition and its potential to accelerate innovation to the benefit of the industry and consumers,“ said Bob Stanzione, CEO of Arris.