According to Arris, the U.S. Department of Justice cleared the acquisition to proceed, removing the final obstacle to Arris' takeover of one of the biggest cable set top box businesses in the world. All other regulatory approvals necessary for the acquisition have either been officially granted or the required notice periods for regulatory objections have been allowed to quietly expire.
Under the terms of the acquisition, Arris will pay $2.05 billion and deliver $150 million of its own shares (approximately 7.85% of Arris' equity), to Google in exchange for Motorola Home. In a related transaction, Comcast (NASDAQ:CMCSA) will pay $150 million to Arris in exchange for a similar 7.85% stake.
Arris intends to close the purchase of Motorola Home on April 17.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Google. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.