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Arris Group: Arris Updated Status Of Merger-Control Proceedings For Pace Transaction

The following excerpt is from the company's SEC filing.

SUWANEE, GA October 16, 2015 ARRIS Group, Inc. (NASDAQ: ARRS),

today provided an update on the status of the required merger-control clearances in connection with the pending Pace transaction. As previously disclosed, ARRIS and Pace have received the required clearances from regulators in Germany, Portugal and South Africa and have received requests for additional information from the Antitrust Division of the U.S. Department of Justice (the Antitrust Division), as well as regulators in Brazil and Colombia. The parties continue to work to respond to these additional requests. As a result of the conti nuation of the process, ARRIS now believes that the closing of the transaction will not occur until late December or the first quarter of 2016.

ARRIS continues to believe that it will be able to obtain the necessary clearances, although no assurance can be provided that all required approvals will be obtained. The Antitrust Divisions current focus appears to be on certain optical transmission products of ARRIS and Pace. It is possible that, as a condition to the approvals, the governmental agencies may impose requirements, conditions or limitations on ARRIS business after the completion of the transaction which may include a divestiture. Such requirements could further delay the completion of the transaction or reduce the anticipated benefits of the combination.

While we are disappointed in the potential delay in the timing for completion, commented Bob Stanzione, ARRIS Chairman and CEO, we believe that even if conditions are imposed, the transaction remains in the best interests of the shareholders. Based on our current understanding of the Antitrust Divisions areas of continued focus and given the opportunities for the combined business and the potential synergies, we believe that the non-GAAP EPS accretion ranges for the first 12 months following the combination, previously estimated and disclosed by ARRIS, continue to remain possible.

About ARRIS

ARRIS Group, Inc. (

) is a world leader in entertainment and communications technology. Our innovations combine hardware, software, and services across the cloud, network, and home to power TV and Internet for millions of people around the globe. The people of ARRIS collaborate with the worlds top service providers, content providers, and...


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