Technology provider Arris, which acquired the Motorola Home business from Motorola Mobility in December, is to sell approximately 10.6 million shares to Comcast for US$150 million (€112 million).
The sale of shares is related to the Motorola acquisition. 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 US$150.0 million. As a result of the sale to Comcast, Comcast and Google will each own approximately 7.85% of the outstanding Arris shares post-closing based on Arris’ current capitalisation. Neither the total amount paid by Arris for Motorola Home, nor the total shares to be issued by Arris – now to Google and Comcast – will change as a result of this investment by Comcast in the company. The issuance of the shares is conditional on the closing of the Motorola Home acquisition.
“We are very pleased that Comcast has agreed to make this significant investment in Arris,” said Bob Stanzione, chairman and CEO of Arris. “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.”
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10 July 2020 @ 20:00:01 UTC