Arris-Pace Deal Set to Close January 4

U.K. Court Oks Pace Share Scheme (Updated)
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Arris and Pace are expected to ring in the New Year by consummating their marriage.

Arris announced Thursday that its proposed $2.1 billion merger with U.K.-based set-top and video tech company Pace plc is expected to close on Monday, Jan. 4, 2016, noting that the High Court of Justice in England and Wales conditionally approved the Pace share scheme tied to the agreement.

Multichannel News has asked Arris and the Court for more information on those conditions and will update the story as those details become available.

Update: Regarding that condition, it's considered a mere formality. The U.K. court is awaiting preliminary approval from  Brazil’s competition authority, CADE, to become final. CADE was operating under a mandatory waiting period that's expected to end on December 22. 

If the closing occurs as anticipated, Arris said ordinary shares of Arris International, the new parent company of Arris, will begin trading on Monday, Jan. 4, 2016, on NASDAQ under the company’s current ticker symbol – “ARRS.”

Per the original deal announced in April, the newly combined company will be incorporated in the U.K., but operate its worldwide headquarters in Suwanee, Ga. Current Arris shareholders will own about 76% of the new company, while Pace shareholders will hold roughly 24%.

Word of the expected close comes soon after CADE provided preliminary approval of the deal without restrictions. That followed the closing of the U.S. Department of Justice’s investigation, which also did not apply any conditions.

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. 

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