THE £1.35bn takeover of technology group Pace by American giant Arris Group has cleared the final regulatory hurdle and will now complete on January 4, eight months after it was announced.
Approval from the Brazilian authorities was granted last Thursday and now the mandatory appeals period has expired, clearing the way for Pace’s shares to be suspended tomorrow ahead of the deal being formalised.
The merger to become effective on January 4, with Arris’s new shares to be listed on the NASDAQ the following day. The combined business will have a turnover of £5.3bn and employ 8,500 people in more than 15 countries.
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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