Google Picks Barclays To Shop Motorola Home Unit: Report

8/29/2012 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.


Want to read more stories like this?
Get our Free Newsletter Here!

Cloud Summit

Raleigh Marriott City Center, Raleigh, NC