Arris: DoJ Wraps Up Probe of Pace Deal - Multichannel

Arris: DoJ Wraps Up Probe of Pace Deal

Says Investigation Closed ‘Without Condition’
Author:
Publish date:
arris 450x345.jpg

Arris said Tuesday that the U.S. Department of Justice has closed its investigation into the vendor’s proposed $2.1 billion acquisition of U.K.-based set-top and access network supplier Pace plc. “without condition,” under the Hart-Scott Rodino Antitrust Improvement Act of 1976.

In June, Arris and Pace said they had each received requests for additional info from the DoJ in connection with the proposed deal. There were concerns that the DoJ could pin conditions on the deal that would call on Arris to divest part of the optical transmission business of the combined company.

Arris and Pace shareholders have already approved the deal, which was announced April and has also been cleared by regulators in Colombia, Germany, Portugal and South Africa. The transaction remains subject to approval in Brazil and other “customary closing conditions,” Arris noted.

Arris has been steadfast in its expectation that it will close the Pace deal in late December or the first quarter of 2016.

Once completed, the deal will result in the formation of  “New Arris,”  a holding company that will be incorporated in the U.K., and have its operational and worldwide headquarters based in Suwanee, Ga. Arris shareholders are to hold about 76% of New Arris, compared to 24% of Pace shareholders.

Related