Google Picks Barclays To Shop Motorola Home Unit: Report8/29/2012 6:42 PM Eastern
Google has hired Barclays to explore the sale of Motorola Mobility's cable-focused Home unit and could seek up to $2 billion for it, Bloomberg reported, citing anonymous sources.
That corroborates Light Reading Cable's Aug. 6 report that Google was considering a sale of the Home unit, which also identified Barclays as handling the sale process. Google and Barclays reps declined to comment.
Google is expected to "bring the asset to a very limited subset" of potential buyers sometime in September, a source in the investment community told Multichannel News earlier this month, who added: "Google wants to get rid of it."
In May, Google closed the $12.4 billion cash acquisition of Motorola Mobility, driven largely by Google's desire to obtain the latter's patents. The Internet company valued Motorola's 17,000-plus patent portfolio at $5.5 billion, representing the largest component of the price tag.
On Aug. 13, Google announced plans to lay off about 20% of Motorola Mobility's workforce -- eliminating about 4,000 jobs -- to streamline operations. Google also is closing about a third of Motorola's 94 offices worldwide. As of the end of June, Motorola Mobility had 20,293 employees. Approximately one-third of the job cuts will be in the U.S., according to Google.