Deals
Pace Soars as Arris Agrees to $2.1 Billion Inversion Deal
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Arris Group Inc. agreed to buy British set-top box maker Pace Plc for about $2.1 billion and incorporate in the U.K. in a deal designed to save on taxes. Shares in Pace, one of Britain’s few global technology companies, rose as much as 44 percent.
The acquisition will combine two of the biggest equipment makers for telecommunications and cable companies in the U.S. and give Arris access to the satellite market. It will also reduce Arris’s non-GAAP tax rate to as low as 26 percent, the company said in a statement.