Mergers and Acquistions News
Categories: Hardware
September 6th 2010, 16:42PM
UK set-top box maker Pace has announced it has secured $450 million (£293 million) to complete its scheduled acquisition of 2Wire, a US-based residential gateways provider.
Pace initially announced the acquisition in late July this year, saying it would buy 2Wire for $475 million (£308 million). The move is to strengthen the West Yorkshire firm in the lucrative US cable and satellite markets.
The company has agreed to fully underwritten facilities from HSBC Bank and the Royal Bank of Scotland (RBS) to partly fund the acquisition. Definitive final documentation for a $300 million (£195 million) term loan facility and a $150 million (£98 million) multicurrency revolving credit facility have been signed, the firm said.
Usual conditions, such as regulatory consents and shareholder approval, along with other customary precedents, must be deemed satisfactory before the acquisition goes ahead.
Pace also announced it has cancelled a £35 million revolving facility it had with RBS.
The firm is already the world's number one set-top box provider and, following the 2Wire acquisition, will become the number one provider of residential gateways in America, and number three worldwide.
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