ARRIS International plcNASDAQ
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  • Mon, Jan. 4, 6:03 PM
    • Arris' (NASDAQ:ARRS) $2.1B cash/stock acquisition of set-top/cable infrastructure peer Pace is on the books. Arris previously indicated the deal, which will significantly boost the company's set-top share and (thanks to Pace's U.K. incorporation) lower its tax rate, would close on Jan. 4.
    • Arris shareholders own 76% of the combined company, and Pace shareholders the rest. The deal is expected to provide $0.65-$0.75 of EPS accretion over the next 12 months.
    • More details will be given during Arris' Feb. 17 Q4 earnings call.
    | Mon, Jan. 4, 6:03 PM
  • Dec. 22, 2015, 10:50 AM
    • With the mandatory waiting period tied to Brazilian regulatory approval (announced on Dec. 3) of Arris' (ARRS -1.2%) planned acquisition of Pace now over, the companies expect the $2.1B deal to close on Jan. 4.
    • When the acquisition was first announced in April, Arris forecast it would boost EPS by $0.45-$0.55 within the first 12 months of closing, and (due to Pace's U.K. incorporation) lower the company's tax rate to 26%-28%. Post-acquisition annual sales were predicted to total ~$8B.
    | Dec. 22, 2015, 10:50 AM
  • Dec. 3, 2015, 9:42 AM
    • Shortly after the DOJ ended its probe of the Arris/Pace deal, Brazil's competition authority has granted preliminary approval without restrictions. The approval is expected to become final on Dec. 19.
    • Arris (ARRS -0.4%) now expects the $2.1B acquisition, which will make it by far the biggest player in the global pay-TV set-top market, to close in early January. Shares rose 3.7% yesterday in the wake of the DOJ news.
    | Dec. 3, 2015, 9:42 AM
  • Dec. 1, 2015, 6:48 PM
    • The DOJ has ended its antitrust probe of Arris' (NASDAQ:ARRS) planned $2.1B purchase of set-top rival Pace without condition. The action follows clearances from German, Portuguese, South African, and Colombian regulators.
    • Brazilian approval remains outstanding. In October, Arris adjusted its ETA for the Pace deal's closing to late December or Q1 from late 2015 on account of regulatory reviews.
    | Dec. 1, 2015, 6:48 PM | 1 Comment
  • Oct. 16, 2015, 6:06 PM
    • With U.S. (DOJ), Brazilian, and Colombian regulators still probing the deal, Arris (NASDAQ:ARRS) now thinks its planned $2.1B acquisition of U.K. set-top rival Pace won't occur until late December or Q1. Arris previously forecast the deal will close in late 2015.
    • The company insists it's still confident the deal will close, and states the DOJ's scrutiny revolves around Arris and Pace's optical transmission products (rather than their core set-top offerings).
    • CEO Bob Stanzione: "Based on our current understanding of the Antitrust Division's areas of continued focus and given the opportunities for the combined business and the potential synergies, we believe that the non-GAAP EPS accretion ranges for the first 12 months following the combination, previously estimated and disclosed by ARRIS, continue to remain possible." In addition to boosting Arris' set-top/video infrastructure share, the deal provides tax benefits on account of Pace' U.K. incorporation.
    • Arris +1.1% after hours to $29.28. Q3 results arrive on the afternoon of Oct. 28.
    | Oct. 16, 2015, 6:06 PM
  • Jun. 29, 2015, 5:54 PM
    • The DOJ has placed Requests for Additional Information (i.e. "second requests") with both Arris (NASDAQ:ARRS) and U.K. set-top rival Pace regarding Arris' planned $2.1B acquisition of Pace.
    • Likely drawing the DOJ's attention: Arris/Pace will easily be the world's biggest set-top vendor, with a share over 3x that of #2 Cisco. However, Synergy Research estimates the combined company's share of the fragmented market will still be just slightly over 30%.
    • Arris "continues to anticipate" the deal, which stands to lower its tax rate and provide many other bottom-line synergies, will close in late 2015.
    | Jun. 29, 2015, 5:54 PM
  • Apr. 22, 2015, 5:17 PM
    • Less than 3 years after striking a deal to buy Motorola Home for $2.35B, Arris (NASDAQ:ARRS) has announced it's buying U.K. set-top hardware/software provider Pace for $2.1B in cash and stock.
    • Arris is paying £1.325/share in cash and issuing 0.1455 shares for each Pace share traded in London. Before accounting for the AH surge in Arris' shares, the price represents a 29% premium to Pace's Wednesday close.
    • Pace shareholders will own 24% of the post-merger company. BofA/Merrill is providing Arris with financing. The fragmented nature of the global set-top industry could help secure regulatory approval.
    • The deal is expected to close in late 2015. Arris chairman/CEO Bob Stanzione will maintain his current position. Arris expects the deal to boost EPS by $0.45-$0.55 in the first 12 months after closing, and (thanks to U.K. incorporation) cut its tax rate to 26%-28%. The combined company will have ~$8B/year in sales; Arris 2014 sales totaled $5.32B.
    • Pace's product line includes cable, satellite, and IPTV set-tops; cable, DSL, and fiber modems/gateways; set-top and service management software; and last-mile optical networking equipment. The company has strong exposure to European pay-TV providers.
    • Arris has soared to $38.40 AH. Q1 results arrive on April 29.
    | Apr. 22, 2015, 5:17 PM
  • Apr. 14, 2015, 9:49 AM
    • Charter Communications (NASDAQ:CHTR) and set-top vendor Arris Group (NASDAQ:ARRS) have formed a joint venture to buy cloud interface provider ActiveVideo for about $135M.
    • Arris will own 65% and act as the sales channel for ActiveVideo's CloudTV platform, which is the heart of Charter's Spectrum Guide subscriber interface.
    • Among ActiveVideo's other customers: Cablevision, Liberty Global, Deutsche Telekom, TWC, J:COM, Philips and Roku.
    • The deal is expected to close in Q2.
    | Apr. 14, 2015, 9:49 AM
  • Apr. 12, 2013, 10:11 AM
    The DOJ signs off on Arris' (ARRS) $2.35B purchase of Motorola Home from Google (GOOG), paving the way for the acquisition to close around April 17. The deal stands to create a giant in the set-top/cable infrastructure space, and a major rival to Cisco's Scientific-Atlanta unit. (previous)
    | Apr. 12, 2013, 10:11 AM
  • Dec. 19, 2012, 6:28 PM

    Google (GOOG) is selling Motorola Home for $2.35B ($2.05B in cash + $300M in stock) to Arris (ARRS). The division, which sells set-top boxes, infrastructure gear, and other hardware to pay-TV and broadband providers, had revenue of $3.4B in the 4 quarters ending Sep. 30. Arris, which closed with a market cap of just $1.65B, is halted. The deal will be "significantly accretive" to Arris' EPS and give Google a 15.7% stake in the company, which will probably have to raise a lot of debt to finance the purchase. (previous)

    | Dec. 19, 2012, 6:28 PM | 6 Comments
  • Dec. 10, 2012, 2:08 AM

    Cable infrastructure vendor Arris (ARRS) and U.K. set-top box maker Pace have "made the most compelling bids" for Motorola Mobility's (GOOG) set-top/cable infra unit, Bloomberg reports. A complex financing structure in which Google maintains equity and patents might prevent a deal from closing this year. P-E firms are said to be uninterested in the unit, which has to contend with an industry shift towards cloud-based apps, and potentially costly litigation with TiVo. Cisco's (CSCO) cable unit could benefit from any turmoil related to the sale. (previous)

    | Dec. 10, 2012, 2:08 AM
  • Oct. 11, 2011, 7:34 AM

    Cable infrastructure gear vendor Arris (ARRS) has agreed to acquire smaller peer BigBand Networks (BBND) for $2.24/share in cash, a 76% premium to BigBand's Monday close. BigBand was a pioneer in the development of switched digital video technology, which increases cable network capacity, but has fallen on hard times as competitors have caught up.

    | Oct. 11, 2011, 7:34 AM
  • May 27, 2011, 7:56 AM

    SeaChange (SEAC) responds to reports that it's in talks to be bought out by Arris (ARRS), with a vague: "As we have previously announced... the committee is continuing to evaluate a range of strategic options for the company." Shares were +21% in AH trading.

    | May 27, 2011, 7:56 AM
  • May 26, 2011, 6:01 PM

    Communications equipment maker Arris (ARRS) is in talks to buy SeaChange International (SEAC), a maker of digital video gear, WSJ reports. TiVo (TIVO) and NDS Group, a technology provider for pay-TV operators owned by News Corp. (NWS) and buyout firm Permira, also reportedly considered buying SEAC but have lost interest.

    | May 26, 2011, 6:01 PM | 1 Comment