ARRIS Group (ARRS) Acquires Motorola Home from Google (GOOG) For $2.35B
Get Alerts ARRS Hot Sheet
Join SI Premium – FREE
ARRIS Group, Inc. (NASDAQ: ARRS) and Google Inc. (NASDAQ: GOOG) today 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 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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Berenberg Starts Lloyds TSB Group (LYG) at Hold, 'shares are fairly valued'
- Indivior Announces Q1 2024 Financial Results
- Meta Platforms Inc. (META) PT Lowered to $480 at JPMorgan, 'Bigger AI Ambitions Drive Increasing Infrastructure Investments'
Create E-mail Alert Related Categories
Hot M&A, Mergers and Acquisitions, Trading HaltsRelated Entities
Earnings, Motorola Mobility/GoogleSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!