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Bids, Mergers and Takeovers

Pace to merge with Arris

23 April 2015 08:35

Pace, a leading global developer of technologies and products for PayTV and broadband service providers, has announced it has reached an agreement with Arris Group regarding the terms of a recommended cash and shares combination of the two companies.

At its Annual General Meeting today, Allan Leighton, Chairman, will tell shareholders: "While the Board believes that Pace is strongly positioned to continue to execute its strategy in the medium and long term, we also believe that the proposed transaction substantially recognises that potential as well as giving our shareholders the opportunity to share in the future success of the combined group.

"The combination of the complementary Arris and Pace businesses will create a platform for future growth above and beyond our standalone potential. We believe this is a great fit for both companies, our employees, customers and trading partners.

"I am pleased to report that Pace has made a good start to the new financial year. In line with our expectations, revenue in the period was higher than the same period in 2014 and forecast demand across all markets and product segments Pace operates in is building as the year progresses. As previously communicated, revenue will be stronger in H2 2015 than H1 2015, similar to 2014.

"Gross margins in the period were ahead of Q1 2014 due to the positive impact of improved revenue mix and on-going procurement benefits. The improved revenue, higher gross margins and lower costs contributed to increased profitability in the period compared to Q1 2014."

At 8:35am: (LON:PIC) Pace PLC share price was +109.7p at 441.7p

Story provided by StockMarketWire.com

Related Company: PIC

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