21st Oct 2015 16:44
LONDON (Alliance News) - Arris Group Inc on Wednesday said another step has been taken towards merging with Pace PLC.
In a statement, Arris said that its shareholders on Wednesday approved the merger agreement implementing ARRIS' pending acquisition of Pace.
English law requires that Pace hold two special meetings to approve the scheme of arrangement.
"We are pleased to complete another condition to the closing of the combination. We continue to believe that our strong, complementary businesses provide expanded opportunities to support our customers and increase our speed of innovation as we collaborate to invent the future," Bob Stanzione, Arris chairman and chief executive, said in a statement.
Arris, the US broadband network equipment maker which agreed to acquire Pace for GBP1.4 billion in cash and shares in April, has previously said it is eyeing the first quarter of 2016 to complete the deal for Pace, a Pay-TV and broadband company.
Shares in Pace closed up 0.6% at 383.80 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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