THE £1.35bn takeover of technology group Pace by American giant Arris Group is expected to formally happen on January 4 after the competition authorities in Brazil said that now expect to issue its approval on Tuesday.
The deal will create a combined business with a £5.3bn turnover employing 8,500 people in more than 15 countries.
Brazil will be the final jurisdiction to clear the deal, which is now expected to happen when the mandatory appeals period expires next week following the successful outcome to a hearing earlier today.
The mandatory period ends next Tuesday with the merger to become effective on January 4, with Arris’s new shares to be listed on the NSDAQ the following day.
The deal was originally announced in April, when Arris offered Pace’s shareholders 132.5p in cash and 0.1455 new Arris shares for each Pace share.
The Saltaire-based supplier of TV and broadband set-top box maker said in September that it expects sales for 2015 to be £1.63bn, down from £1.68bn achieved last year.
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