Today's Transactions:
Comcast Buys $150M in Arris Stock
The deal is part of Arris’ acquisition of Motorola Home from Google
Comcast Corp. (Nasdaq: CMCSA, CMCSK) is buying 10.6 million shares of Arris Group Inc. (Nasdaq: ARRS), valued at $150 million.
The deal is being made in connection with Arris’ acquisition of the Motorola Home business from Motorola Mobility, a Google Inc. (Nasdaq: GOOG) subsidiary. Comcast’s buying the 10.6 million shares will reduce the amount of Arris stock that will be issued to Google as part of the Motorola deal.
Google agreed to sell Motorola Home to Arris in December for $2.35 billion in cash and stock. Motorola Home sells television set-top boxes.
Comcast and Google will each own about 7.85 percent of outstanding Arris shares after the deals are complete.
Qatalyst Partners LP is acting as Comcast’s financial adviser, and Davis Polk & Wardwell LLP is legal counsel. Evercore Partners is Arris’ financial adviser, while Troutman Saunders is acting as legal counsel. Bank of America Merrill Lynch is also advising Arris. Barclays is financial adviser, and Cleary Gottlieb Steen & Hamilton LLP is counsel to Google.
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