SUWANEE, Ga., April 17, 2013 /PRNewswire/ -- ARRIS
Group, Inc. (NASDAQ: ARRS) today announced that it completed
its acquisition of the Motorola Home business from a subsidiary of
Google Inc. This combination will enable ARRIS to transform how
service and content providers deliver entertainment and
communications. ARRIS paid Google approximately $2.2 billion in cash and issued Google 10.6
million shares of its common stock in connection with the
transaction.
The cash portion of the consideration was funded through
syndicated debt financing and the sale by ARRIS of 10.6 million
ARRIS shares to Comcast Corporation. As a result of these
securities transactions, Google and Comcast each hold approximately
7.7% of ARRIS' currently outstanding shares.
"This acquisition creates a global player in video delivery and
broadband technology. We are combining the industry's top experts
and technologies to create a powerful solution for the entire
multiscreen delivery chain – from network infrastructure, to
transport, to user experience," said Bob
Stanzione, Chairman and CEO of ARRIS. "The new ARRIS has the
expertise to transform the industry."
The company will be led by a management team of top executives
with unrivaled experience from both companies. These leaders have a
proven track record for pioneering many of the industry's most
significant transformations to date, and bring with them deep
customer relationships and industry expertise.
As previously announced, ARRIS will release first quarter 2013
financial results after the market close on Wednesday, April 24, 2013. ARRIS management
will also conduct a conference call at 5:00
p.m. EDT on the same day to discuss these results. More
information about this conference call can be found on ARRIS
Investor Relations website:
http://ir.arrisi.com/phoenix.zhtml?c=87823&p=irol-newsArticle&ID=1804842&highlight=
About ARRIS
ARRIS is a premier video and broadband
technology company that transforms how service providers worldwide
deliver entertainment and communications without boundaries.
Its powerful end-to-end platforms enable service and content
providers to improve the way people connect – with each other and
with their favorite content. The Company's vision and
expertise continue to drive the industry's innovations, as they
have for more than 60 years. Headquartered north of Atlanta, in Suwanee,
Georgia, ARRIS has R&D, sales and support centers
throughout the world. For more information: www.arrisi.com
Forward-Looking Statements
This press release and
related public disclosures contain forward looking statements.
These statements include, among others, statements concerning
future performance of ARRIS following the completion of the
acquisition of the Motorola Home Business and ARRIS' ability to
achieve the expected strategic benefits and synergies.
Statements regarding future events are based on the parties'
current expectations. Actual results may differ materially from
those suggested by any forward-looking statement. Forward-looking
statements are necessarily subject to associated risks related to,
among other things, the retention of employees of Motorola Home
Business and the ability of ARRIS to successfully integrate
Motorola Home's opportunities, technology, personnel and
operations. Other factors that could cause results to differ from
current expectations include: the uncertain current economic
climate and financial markets, and their impact on our customers'
plans and access to capital: the impact of rapidly changing
technologies; the impact of competition on product development and
pricing; the ability of ARRIS to react to changes in general
industry and market conditions; rights to intellectual property and
the current trend toward increasing patent litigation, market
trends and the adoption of industry standards; possible
acquisitions and dispositions; and consolidations within the
telecommunications industry of both the customer and supplier base.
These factors are not intended to be an all-encompassing list of
risks and uncertainties that may affect the Company's business.
Additional information regarding these and other factors can be
found in ARRIS' reports filed with the Securities and Exchange
Commission, including its Form 10-K for the year ended December 31, 2012. In providing forward-looking
statements, the Company expressly disclaims any obligation to
update publicly or otherwise these statements, whether as a result
of new information, future events or otherwise.
SOURCE ARRIS Group, Inc.