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HOME CINEMA / SET TOP BOXES

Google Continues Stripping Motorola With Sale Of Home Unit

By Tony Ibrahim | Thursday | 20/12/2012

Google is continuing to strip Motorola Mobility by selling off the company's Motorola Home Division responsible for manufacturing set-top boxes used for cable television.

According to eWeek, Motorola Home Unit is being sold to cable equipment maker Arris for $2.35 billion in cash and stock, split $2.05 billion in cash and the remaining $300 million in newly issued Arris shares. This roughly translates to a 15.7% stake in Arris.

"Acquiring Motorola Home builds on Arris' rich history, creating a global player with significant footprint, revenue and cash flow," Bob Stanzione, chairman and CEO of Arris, said in a statement.

"It also adds expertise in video and a larger presence in the home to our core strengths in voice and data, ensuring we are even better positioned to capitalize on and manage the evolution toward multi-screen home entertainment."

Currently Motorola Mobility and Cisco are being sued by TiVo over the recording technology used in their set top boxes. To reduce the risk for Arris, provisions capping the potential liability have been included in the deal.

"Google has taken that risk off the table," Arris Chief Executive Officer Bob Stanzione said on a conference call.

 

British set-top maker Pace was in contention to buy Motorola Home but was "unable to reach an agreement with Google on terms that the Board believes would have been in the interests of Pace's shareholders."

Google acquired Motorola Mobility seven months ago for $12.5 billion and since then, has been aggressively restructuring the company so it may better focus on smartphones and tablets.

Of the last 16 quarters, Motorola declared losses in 14 of them.

Since acquiring Motorola Mobility, Google has laid off 4,000 employees, which equates to 20% of their global workforce, and shut down 30 of their 90 warehouses. Furthermore, 40% of Motorola Vice Presidents are being cut.

Google's first revenue report was released in July. The company declared second quarter revenue of $12.21 billion, which was an increase of 35% of the $9.03 billion generated during the same period in 2011. It's also a rise of 15% over Q1 of 2012.

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