ARRIS (NASDAQ:ARRS) and Pace (LSE:PIC) have agreed that ARRIS will acquire Pace for aggregate stock and cash consideration of $2.1 billion (£1.4 billion). The proposed transaction has been approved by the respective boards of ARRIS and Pace and is expected to close in late 2015 after the satisfaction of customary closing conditions, including ARRIS and Pace shareholder approval and regulatory approvals.
The transaction will result in the formation of New ARRIS, which will be incorporated in the UK, and its operational and worldwide headquarters will be in Suwanee, GA. New ARRIS is expected to be listed on the NASDAQ stock exchange under the ticker ARRS. In connection with the formation of New ARRIS each current share of ARRIS will be exchanged for one share in New ARRIS.
ARRIS Chairman and CEO Bob Stanzione will be New ARRIS chairman and CEO and the then-current ARRIS board of directors will serve as the New ARRIS board of directors.
