ARRIS' Proposed Acquisition Of Pace Receives Antitrust Clearance In Portugal

(RTTNews) - ARRIS Group Inc (ARRS), a provider of media entertainment and data communications solutions, on Tuesday announced that its proposed acquisition of Pace plc (PIC.L) received unconditional merger clearance from the Portuguese Competition Authority.

The clearance follows pre-conditional clearance in Germany and South Africa. ARRIS has now obtained clearance in response to three of its six antitrust-related filings in connection with the combination.

In April, Arris agreed to buy Pace in a stock and cash deal valued at $2.1 billion (£1.4 billion). Arris expects the deal to be accretive to its adjusted earnings by $0.45 to $0.55 per share in the first 12 months following close.

The deal will result in the formation of New Arris, which will be incorporated in the U.K., and its operational and worldwide headquarters will be in Suwanee, Georgia, USA. The combination would have pro forma revenues of $8 billion and would employ 8,500 employees.