ARRIS to Buy BigBand

ARRIS and BigBand Networks have entered into a definitive agreement whereby ARRIS will acquire BigBand Networks for a purchase price of $2.24 per share in cash, a total of approximately $172 million, or $53 million net of estimated BigBand cash on hand.The deal is intended to extend ARRIS' capabilities in the processing, management and distribution of digital video content and accelerate time-to-market and increase opportunities for ARRIS in several product areas, including CCAP, local and targeted advertising, IP video distribution, and advanced video processing and compression. Completion of the transaction is expected in late 2011.