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Google Inc. agreed to sell its Motorola Home business to Arris Group Inc. (ARRS) for $2.35 billion, finding a buyer for a division that sells television set-top boxes while it focuses on expanding in smartphones.
Arris, a cable-equipment maker, will pay about $2.05 billion in cash and about $300 million in newly issued shares that will give Google a stake of about 15.7 percent, the companies said yesterday in a statement.
Google, which acquired the division through the $12.5 billion purchase of Motorola Mobility Holdings Inc. in May, received multiple offers on Dec. 7, a person with knowledge of the matter said earlier this month. Google sought a buyer for the home unit as it aims to devote more attention to mobile devices amid an accelerating rivalry with Apple Inc. (AAPL)
“Google never really wanted the set-top box business,” Brian Wieser, an analyst at Pivotal Research Group in Portland, Oregon, said in an interview. “What they wanted were the mobile patents. It was very clear this wasn’t why they were buying the business in the first place.”
Google rose 0.5 percent to $723.50 at 9:30 a.m. in New York, while Arris gained 5.6 percent to $15.35. The deal was announced after regular trading hours.
Pace Loses
Pace Plc (PIC), a U.K. maker of set-top boxes and a suitor of the assets, said in a statement that it was unable to reach an agreement with Google.
Google, which acquired the division through the $12.5 billion purchase of Motorola Mobility Holdings Inc. in May, received multiple offers on Dec. 7, a person with knowledge of the matter said earlier this month. Google sought a buyer for the home unit as it aims to devote more attention to mobile devices amid an accelerating rivalry with Apple Inc. (AAPL)
“Google never really wanted the set-top box business,” Brian Wieser, an analyst at Pivotal Research Group in Portland, Oregon, said in an interview. “What they wanted were the mobile patents. It was very clear this wasn’t why they were buying the business in the first place.”
Google rose 0.5 percent to $723.50 at 9:30 a.m. in New York, while Arris gained 5.6 percent to $15.35. The deal was announced after regular trading hours.
Pace Loses
Pace Plc (PIC), a U.K. maker of set-top boxes and a suitor of the assets, said in a statement that it was unable to reach an agreement with Google.
Arris, a cable-equipment maker, will pay about $2.05 billion in cash and about $300 million in newly issued shares that will give Google a stake of about 15.7 percent, the companies said yesterday in a statement.
Google, which acquired the division through the $12.5 billion purchase of Motorola Mobility Holdings Inc. in May, received multiple offers on Dec. 7, a person with knowledge of the matter said earlier this month. Google sought a buyer for the home unit as it aims to devote more attention to mobile devices amid an accelerating rivalry with Apple Inc. (AAPL)
“Google never really wanted the set-top box business,” Brian Wieser, an analyst at Pivotal Research Group in Portland, Oregon, said in an interview. “What they wanted were the mobile patents. It was very clear this wasn’t why they were buying the business in the first place.”
Google rose 0.5 percent to $723.50 at 9:30 a.m. in New York, while Arris gained 5.6 percent to $15.35. The deal was announced after regular trading hours.
Pace Loses
Pace Plc (PIC), a U.K. maker of set-top boxes and a suitor of the assets, said in a statement that it was unable to reach an agreement with Google.
Google, which acquired the division through the $12.5 billion purchase of Motorola Mobility Holdings Inc. in May, received multiple offers on Dec. 7, a person with knowledge of the matter said earlier this month. Google sought a buyer for the home unit as it aims to devote more attention to mobile devices amid an accelerating rivalry with Apple Inc. (AAPL)
“Google never really wanted the set-top box business,” Brian Wieser, an analyst at Pivotal Research Group in Portland, Oregon, said in an interview. “What they wanted were the mobile patents. It was very clear this wasn’t why they were buying the business in the first place.”
Google rose 0.5 percent to $723.50 at 9:30 a.m. in New York, while Arris gained 5.6 percent to $15.35. The deal was announced after regular trading hours.
Pace Loses
Pace Plc (PIC), a U.K. maker of set-top boxes and a suitor of the assets, said in a statement that it was unable to reach an agreement with Google.
Source:
Bloomberg
Posted in: Arris,Arris Group Inc.,ARRS,Google,Motorola,Motorola Home business
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