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Arris Closes USD 800m Acquisition of Wireless and ICX Switch Business from Ruckus
Wednesday 06 December 2017

6 December 2017 - US-based entertainment and communications technology company Arris International plc (NASDAQ: ARRS) and US-based semiconductor solutions company Broadcom Ltd. (NASDAQ: AVGO) have closed an agreement for Arris to acquire Brocade Communication Systems Inc.'s Ruckus Wireless and ICX Switch business for cash consideration of USD 800m, the company said.

Arris expects the acquisition to be accretive to its Non-GAAP earnings per share in the first 12 months.

This portfolio will expand Arris's leadership in converged wired and wireless networking technologies beyond the home into the education, public venue, enterprise, hospitality, and MDU segments.

Arris plans to establish a dedicated business unit within the company focused on innovative wireless networking and wired switching technology to address evolving and emerging needs across a number of vertical markets. The business unit will be led by current Ruckus COO, Dan Rabinovitsj.

Closing of the transaction is subject to regulatory approvals in various jurisdictions and other customary closing conditions but does not require shareholder approval by either company, is not subject to any financing conditions, and is presently expected to close approximately one month following the closing of Broadcom's acquisition of Brocade.

The transaction was contingent on Broadcom closing its acquisition of Brocade, previously announced on 2 November 2016 and approved by Brocade shareholders on 26 January 2017.

Arris International plc. (NASDAQ: ARRS) is in entertainment and communications technology.

LionTree Advisors is acting as lead financial advisor, and Troutman Sanders LLP is acting as counsel to Arris on this transaction. Barclays is acting as lead financial advisor, and Latham and Watkins LLP is acting as counsel to Broadcom on this transaction.
Date Published: 06/12/2017
Target: Ruckus Wireless and ICX Switch business
Country: USA
Deal Size: 800m (USD)
Sector: Telecommunications
Type: Corporate acquisition
Financing: Cash
Status: Closed
Vendor: Brocade Communication Systems
Buyer: Arris International
Buyer Advisor: LionTree Advisors , Troutman Sanders LLP
Deal related to Broadcom´s acquisition of Brocade