Technology

Google to sell Motorola STB biz to Arris for $2.35 bn

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MUMBAI: Google has entered into an agreement with Arris Group, a global innovator in broadband media technology, to sell Motorola Mobility‘s TV set-top box (STB) business for $2.35 billion in a cash-and-stock transaction.

The transaction is expected to close by the second quarter of 2013.

Under the terms of the agreement, upon closing of the transaction, Google will receive $2.05 billion in cash and approximately $300 million in newly issued Arris shares, subject to certain adjustments provided for in the agreement, representing an approximately 15.7 per cent ownership interest in Arris post-closing.

The decision to sell the business comes seven months after the company took control of Motorola Mobility Holdings in a $12.4 billion purchase.

Acquiring Motorola Home will enhance Arris‘ ability to provide next-generation consumer video products and services, supporting a more comprehensive product offering while also accelerating its ability to deliver a comprehensive set of industry-leading new products for broadband to a wide spectrum of customers. The transaction will increase Arris‘ patent portfolio and provide a license to a wide array of Motorola Mobility patents.

"This transformational combination of two complementary businesses will create a leading end-to-end provider of today‘s video, data, and voice products and tomorrow‘s next-generation IP-based broadband products," said Arris Chairman and CEO Bob Stanzione. "Ever-expanding consumer demand for bandwidth will continue to drive growth across cloud and network technologies we provide that enable innovative home entertainment products and services."

Together, Arris and Motorola Home will have a global presence with over 500 customers in 70 countries, more than tripling Arris‘ pro forma combined revenue to approximately $4.7 billion for the trailing four quarter period ended September 30, 2012. The combined entity will offer a wide array of products and solutions and will have an expanded customer base encompassing the full spectrum of broadband content and service providers.

Motorola Home is a profitable business that generated revenues of $3.4 billion for the trailing four quarters ended September 30, 2012. The combination is expected to generate approximately $100 - $125 million in annual cost synergies.

The cash portion of the consideration to be received by Google at closing will be funded through debt financing commitments from Bank of America Merrill Lynch and Royal Bank of Canada.

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