19th Oct 2015 06:15
LONDON (Alliance News) - Pay-TV and broadband services technology company Pace PLC on Monday noted a statement from Arris Group that the proposed merger of the two companies has been delayed.
Arris, the US broadband network equipment maker which agreed to acquire Pace for GBP1.4 billion in cash and shares in April, said the proposed merger of the two companies will now be completed in the first quarter of 2016, rather than the fourth quarter of 2015, due to delays in the regulatory approval processes in Brazil, Colombia and the US.
"Whilst the potential delay to the date of completion is disappointing, the board of Pace believes that the strategic and economic rationale remains strong and reiterates its unanimous support for the combination," said Allan Leighton, Pace's chairman.
"We continue to believe that the combination of the complementary Arris and Pace businesses will create a platform for future growth above and beyond our standalone potential," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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