Arris to Buy Google Motorola ‘Home’ Business for $2.35B in Cash, Stock

Cable broadband equipment supplier Arris Group (ARRS) this evening said it will purchase the set-top box division of Google‘s (GOOG) Motorola unit for $2.35 billion in cash and stock, after winning approval from both its own board of directors and the directors of Google.

The deal consists of $2.05 billion in cash and $300 million worth of Arris shares that will be issued.

Arris shares are unchanged in late trading at $14.54, while Google stock is off $1.61 at $718.50.

Google picked up the set-top box business with the closing in May of Google’s acquisition of Motorola Mobility for $9.8 billion. The group competes in supplying set-tops with Cisco Systems (CSCO).