SUWANEE, Ga. (AP) -- Arris Group has closed on its acquisition of Motorola Mobility's TV set-top business.
Google Inc. announced that it was selling the Motorola unit to Arris in December. The transaction is expected to help catapult Arris from being a relatively minor provider of high-speed Internet equipment into a much larger player in the delivery of video.
Arris said Wednesday that it paid Google about $2.2 billion in cash and issued Google 10.6 million shares of its common stock. Based on Tuesday's closing price, the stock portion of the deal is worth about $177.2 million. The cash part of the buyout was funded through syndicated debt financing and the sale of 10.6 million Arris shares to Comcast Corp. Google and Comcast each hold approximately 7.7 percent of Arris stock.
Arris Group Inc. will report its first-quarter financial results on April 24. Its shares fell 20 cents to $16.52 in morning trading.