Simpson Thacher recently represented Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated and the other Joint Lead Arrangers in connection with a $2.175 billion Credit Agreement in connection with the acquisition by ARRIS Group, Inc. of the Motorola Home Business from a Subsidiary of Google Inc. ARRIS paid Google approximately $2.2 billion in cash and issued Google 10.6 million shares of ARRIS common stock in connection with the transaction. The cash portion of the consideration was funded through syndicated debt financing and the sale by ARRIS of 10.6 million ARRIS shares to Comcast Corporation. As a result of these securities transactions, Google and Comcast each hold approximately 7.7% of ARRIS’s currently outstanding shares. ARRIS is a video and broadband technology company.
The Simpson Thacher team for this transaction included James T. Knight, James Doyle, Eli Isak, Jasmine Kaufman and Allan Chorny (Banking and Credit); John Ericson, Nirav Mehta and Misan Ikomi (Capital Markets); Edward Chung (Corporate); Rob Holo, Andrew Purcell, and Michael Cardella (Tax); Paul Koppel (Executive Compensation and Employee Benefits); Mardi Merjian (Real Estate); Jonathan Pall (UCC); and Samantha Himelman (IP).
