MADRID, 18 Apr. (Portaltic/EP) -
Last year Google reported the sale of Motorola Home to the Arris group. Now, five months after this announcement, Arris has completed the purchase of Motorola Home from Google for $2.2 billion (€1.685 billion) in cash and 10.6 million Arris shares.
Last year Google announced the sale of Motorola Home, the manufacturer of television receivers, to Arris Group. This purchase will allow Arris to "transform the service providers and the content they offer, as well as entertainment and communications," according to Arris' website. As a result of these securities transactions, Google and Comcast have become Arris investors with 7.7 percent of the shares each.
"This acquisition has created a global player in video and broadband technology. Now, we are combining the best experts and the best technologies in the industry to create a powerful solution for the entire multi-screen distribution chain. All of this ranges from network infrastructure and transportation to user experience," said Arris President and CEO Bob Stanzione, "the new Arris has enough experience to transform the industry."
Arris will announce results for the first quarter of 2013, after the market closes on Wednesday, April 24. On the same day, the company will also hold a conference call where financial results will be discussed.
Related links:
-Arris:
