Stockholders of entertainment and communications technologist ARRIS International have voted by the requisite majorities to approve all matters presented regarding the proposed $7.4 billion (€6.45bn) acquisition by network infrastructure solutions provider CommScope of all of the shares of ARRIS dated November 8th, 2018.
At the meeting at the Court and special general shareholder meetings in London on February 1st, convened by the High Court of Justice in England and Wales, the proposal to approve the scheme of arrangement under Part 26 of the Companies Act 2006 was approved by stockholders holding 99 per cent of the shares voted at the meeting.
At the special general shareholder meeting convened by ARRIS, the proposal to amend ARRIS’s articles of association was approved by stockholders holding 99 per cent of the shares voted at the meeting.
“This approval marks another important milestone in accelerating our strategy. Together, we believe ARRIS and CommScope have an unprecedented opportunity to help shape future communication networks and to look to deliver additional value to our shareholders, customers, partners and employees,” said Bruce McClelland, ARRIS CEO.
ARRIS stockholder approval closely follows the recent expiration of the HSR (Hart-Scott Rodino) Act waiting period in the US. ARRIS expects the transaction to close in the first half of 2019, following receipt of the remaining regulatory approvals and the sanction of the Scheme by the Court.