ARRIS Group is buying C-COR Incorporated in a deal worth $730 million that will combine two rival manufacturers of cable TV and networking gear.
The merged company will have more than $1.2 billion in annual revenues. It will offer products for the “triple play” provision of voice, data and video with Internet Protocol-based telephony and more.
The deal was announced Sunday.
ARRIS (Nasdaq: ARRS) said it would pay $13.75 per share in cash and stock for C-COR (Nasdaq: CCBL). That price is a 39 percent premium on C-COR shares as of Sept. 21 trading.
The deal is expected to close in January.