Pace looks to buy Motorola home business from Google
Pace has confirmed that it has submitted an indicative, non-binding, proposal to Google in respect of a potential acquisition of its Motorola Home business.
“Discussions with Google are currently at a preliminary stage and there is no certainty as to whether any agreement regarding any transaction will be reached,” said the UK-based set-box supplier.
The potential acquisition of Google’s Motorola Home business would be classified as a “reverse takeover” under the UK Listing Rules given its size relative to Pace. As a result, the ordinary shares of Pace have been suspended from trading as of this afternoon.
In a Q3 interim financial statement in November, the Company outlined that it is now expecting FY2012 revenues to be flat on FY2011 (2% underlying growth before the impact of HDD supply disruption) with increased operating margins of greater than 7%.
The Company will provide a further update as appropriate.
The company’s products include HD PVRs, residential gateways, software and middleware.Tags: acquisition