ARRIS, a broadband systems developer, has completed the repurchase of 8 million shares owned in the company by Nortel Networks. ARRIS paid $3.50 a share.

ARRIS (Nasdaq: ARRS) closed at $4.16 on Tuesday.

The company recently raised $125 million in debt, much of which was used to buy back ownership in the company held by Nortel as well as an option to repurchase 16 million of the 22 million shares held by Nortel.