Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of ARRIS Group (NASDAQ:ARRS) were up over 20% as of 12 p.m. Thursday after the broadband equipment specialist announced it will acquire U.K.-based Pace (LSE: PIC). Shares of Pace also jumped 35% in today's trading on the London Stock Exchange.

So what: Specifically, ARRIS will purchase Pace for an aggregate stock and cash consideration of $2.1 billion. The deal is expected to close in late 2015, after which it should be accretive to ARRIS' adjusted earnings per share by $0.45 to $0.55 within 12 months. In addition, ARRIS says the purchase will reduce its adjusted tax rate to approximately 26% to 28%, and offers other "significant" opportunities for operational synergies. ARRIS also noted the transaction accelerates its growth strategy, and will result in a combined company with roughly $8 billion in pro forma revenue, a bolstered international presence with 8,500 global employees, large-scale entry into the satellite segment, and an expanded product portfolio which should position the company nicely for future growth.

Now what: Per the terms of the agreement, Pace investors will receive £1.325 in cash and 0.1455 new shares of ARRIS for each Pace share they own. And ARRIS shareholders will hold roughly 76% of the new company upon closing. ARRIS shareholders should also note the transaction is expected to be taxable for U.S. federal income tax purposes.

In any case, given its expected synergies and future promise for growth, I agree this acquisition appears to be a win-win for all shareholders. Even so, given today's pop and keeping in mind we still have a long road ahead until the acquisition and subsequent integration completes, I would also have no qualms with taking at least some of my quick profits off the table and putting them to work elsewhere.