Saturday, September 22, 2007

ARRIS to Acquire C-COR for $730 Million

ARRIS agreed to acquire C-COR for approximately $730 million in cash and stock. The deal combines two leading suppliers of networking equipment for cable operators. The merger consideration of $13.75 per C-COR share represents approximately a 19% premium to the 30 day trading average of C-COR common stock and a 39% premium to the closing price of C-COR common stock on September 21, 2007.

ARRIS said the acquisition broadens its product portfolio and addressable market.

C-COR's product line includes a converged Headend/Hub Platform, optical nodes, and RF amplifiers; On Demand media systems (VOD) and Digital Advertising Systems; and Operations Support Systems for workforce management, service assurance, network optimization and health, and subscriber fulfillment. The company is a leading supplier of 1GHz transmission equipment that provides operators with a cost-effective solution to increase forward capacity and enable future flexibility on existing HFC networks. C-COR's HFC equipment products are deployed with leading operators around the world, including UPC, ONO, Virgin Media, Bright House, Cablevision, Charter, Comcast, Cox, Mediacom, Insight, and Time Warner Cable. The company's corporate headquarters are in State College, Pennsylvania.

The combined company will have over 250 customers around the world and reported revenues of over $1.2 billion over the past twelve months.

ARRIS' product line includes cable telephony solutions; high-speed data network solutions for cable Internet applications; subscriber premise products that are DOCSIS 2.0 and Euro-DOCSIS 2.0-certified; and HFC infrastructure communications and networking equipment. The company is based in Atlanta and has R&D centers in Atlanta, Chicago, Cork, Ireland and Shenzhen, China.