WEST YORKSHIRE, U.K. -- Pace plc (“Pace” or "the Company") notes the announcement from Google that it has reached
agreement to sell its Motorola Home business. The Company was unable to reach an agreement with
Google on terms that the Board believes would have been in the interests of Pace’s shareholders.
Accordingly, Pace has contacted the Financial Services Authority to request that the suspension of its
securities from the Official List is lifted without delay. Pace expects the suspension to be lifted shortly.
Mike Pulli, Chief Executive Officer of Pace, said:
“We have made significant progress in developing our business over the past 12 months by being
relentless in pursuing the strategy we announced in November 2011. That strategy is to transform
our core economics, build on our position as the global leader in PayTV hardware and widen out our
business into software, services and integrated solutions.
We viewed the potential acquisition of Google’s Motorola Home business as an opportunity to
accelerate our stated strategy, but only if real shareholder value could be delivered. Although we had
the support of our major shareholders and committed facilities, we could not reach an appropriate
conclusion to the potential transaction.
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