Google Sells Motorola Set-Top Business
Google Inc. (NASDAQ: GOOG) dumped the part of Motorola Mobility it did not want when it bought the company. Motorola's cable set-top business may still make money, but the older boxes have been pushed out of living rooms by Netflix Inc. (NASDAQ: NFLX), Apple Inc. (NASDAQ: AAPL) TV and a series of other new age TV electronics. According to Bloomberg:
Google Inc. agreed to sell its Motorola Home business to Arris Group Inc. for $2.35 billion, finding a buyer for a division that sells television set-top boxes while it focuses on expanding in smartphones.
Arris, a cable-equipment maker, will pay about $2.05 billion in cash and about $300 million in newly issued shares that will give Google a stake of about 15.7 percent, the companies said yesterday in a statement. Enlarge image Google Sells Motorola Home to Arris for $2.35 Billion
Google acquired its Motorola Home Business division through the $12.5 billion purchase of Motorola Mobility Holdings Inc. in May.
Google, which acquired the division through the $12.5 billion purchase of Motorola Mobility Holdings Inc. in May, received multiple offers on Dec. 7, a person with knowledge of the matter said earlier this month.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, Mergers & Acquisitions, Technology Companies Tagged: AAPL, GOOG, NFLX