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Arris to acquire Pace for USD 2.1 billion
2015-04-23 02:52:00| Telecompaper Headlines
(Telecompaper) Arris and Pace jointly announced that they have agreed that Arris will acquire Pace for a total stock and cash consideration of USD 2.1 billion. The transaction will result in the formation of New Arris, which will be incorporated in the UK, and its operational and worldwide headquarters will be in Suwanee, Georgia. New Arris is expected to be listed on the Nasdaq stock exchange under the ticker ARRS. Each current share of Arris will be exchanged for one share in New Arris. Under the terms of the agreement, Pace shareholders will receive GBP 1.325 of cash and 0.1455 New Arris shares for each Pace share. The cash portion will be funded through a combination of cash and debt. Arris has secured a fully committed facility from Bank of America Merrill Lynch to meet the funding requirements. The proposed transaction has been approved by the respective Boards of Directors of Arris and Pace and is expected to close in late 2015. Arris Chairman and CEO, Bob Stanzione will be New Arris Chairman and CEO.
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Category:Telecommunications
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