LONDON (Alliance News) - ARRIS Group Inc, a provider of media entertainment and data communications solutions, announced that its proposed acquisition of Pace PLC has received preliminary approval from Brazil's competition authority CADE.
The company noted that the clearance is expected to become final on December 19, following Brazil's mandatory appeals period. When finalised, the approval in Brazil will complete the merger-control clearances required for the transaction.
ARRIS expects to close the transaction in early January 2016 following the Brazilian clearance becoming final and the sanctioning of the scheme of arrangement by the Companies Court in the UK.
The clearance follows unconditional merger clearance from the Portuguese Competition Authority and pre-conditional clearance in Germany and South Africa.
In April, Arris agreed to buy Pace in a stock and cash deal valued at USD2.1 billion. Arris expects the deal to be accretive to its adjusted earnings by USD0.45 to USD0.55 per share in the first 12 months following close.
Copyright RTT News/dpa-AFX