Comcast has agreed to buy a stake in set-top box maker Arris for $150 million.
Arris announced the agreement yesterday to sell roughly 10.6 million shares of its common stock, valued at $150 million, to Comcast. The deal will be completed in conjunction with Arris' purchase of the Motorola Home business from Motorola Mobility, a subsidiary of Google, that was worth $2.35 billion.
As a result, according to the statement, Comcast and Google will each own about 7.85 percent of outstanding Arris shares once the takeover is completed. In addition, as part of the Motorola Home business acquisition agreement, the shares issued to Comcast will reduce the amount of share stock set aside for Google as the the tech giant's cash consideration will increase by $150 million.
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"We are very pleased that Comcast has agreed to make this significant investment in Arris," said Bob Stanzione, 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 innova... [Read more]
by Charlie Osborne via CNET
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