ARRIS Group, Inc. ARRS,
a global innovator in broadband media technology, announced today that it has
entered into an agreement to sell approximately 10.6 million shares of its
common stock, valued at $150.0 million, to Comcast Corporation CMCSA. The sale of
the shares to Comcast will be made in connection with the previously announced
ARRIS acquisition of the Motorola Home business from Motorola Mobility, a
subsidiary of Google Inc. GOOG. As provided for in the Motorola Home business
acquisition 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 $150.0 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 capitalization. Neither the total amount
of consideration paid by ARRIS for Motorola Home, nor the total amount of
shares to be issued by ARRIS (now to Google and Comcast) will change as a
result of this investment by Comcast.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: News
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in