Arris Among Top Bidders for Motorola Unit; Panasonic, Sony Divest Assets: Tech Business Roundup
Arris Group (NASDAQ:ARRS) and Pace are currently the top bidders for Google’s (NASDAQ:GOOG) Motorola Home Business, according to an inside source, who added that the latter got multiple offers on Friday. Google’s complex financing structure involves its retaining some equity and also the division’s patents, so if a deal emerges, it has a 50-50 probability of being announced by the end of 2012. Google bought the unit in its $12.5 billion acquisition of Motorola Mobility Holdings back in May, but is selling it so as to concentrate on high-end smartphones while it accelerates its rivalry with Apple (NASDAQ:AAPL).
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Japan’s embattled Panasonic Corporation (NYSE:PC) owns in excess of 10 million square meters of office and factory space, sports facilities for its rugby, baseball and women’s athletics teams, and dormitories for its workers, some of which it needs to sell. The firm intends to raise $1.34 billion from divesting property and shares in other Japanese firms by end of March, said its Chief Financial Officer Hideaki Kawai to Reuters. Peer television makers in Japan, such as Sony Corporation (NYSE:SNE) and Sharp Corp. are also ridding themselves of buildings and businesses in what is now being called a giant ‘garage sale’ which could bring a combined $3 billion.