THE takeover of Saltaire-based pay-TVset top box maker Pace by US technology giant Arris Group has been completed.

Trading in Pace shares on the London Stock Exchange was cancelled this morning (TUES) and Arris’s new shares have been listed on the NSDAQ index in the United States.

The deal, which followed an approach by Georgia-based Arris, has gone through after completing checks by competition authorities in key markets. The combined business will have a turnover of £5.3 billion and 8,500 employees in more than 15 countries.

The deal was originally announced at Pace's annual general meeting in Salts Mil in April 2015, when Arris offered Pace’s shareholders 132.5p in cash and 0.1455 new Arris shares for each Pace share.

Pace currently employs around 400 people at Saltaire, which has been its global headquarters and houses much of its product research and development activities.

Announcing the takeover plan to shareholders at the AGM, Pace chairman Allan Leighton said: “The combination of the complementary Arris and Pace businesses will create a platform for future growth above and beyond our stand-alone potential. We believe this is a great fit for both companies, our employees, customers and trading partners.”

All eyes will now be on developments at Salts Mill where job losses have not been ruled out. Mr Leighton said it would be for Arris to decide the future shape of operations at Saltaire, which has ceased to be a global HQ. But he said Arris bosses had been impressed with Pace’s staff and its Saltaire operations and the US group had few overlapping UK operations.

He said the £1.4 billion takeover would provide Pace with faster growth and diversification and more opportunities for staff in a larger group and would also expand Arris’ operations outside North America.

Mr Leighton said: " This is a great opportunity to grow and develop the business more quickly and widely than we could have dreamt of on our own.

“They (Arris) have very high respect for our people. We’ve been gaining market share and our products are the best. We have talented people who have made that happen. That’s a big driver of this transaction which is a growth strategy."

Bob Stanzione, Arris chairman and chief executive, said: “ Adding Pace’s talent, products and diverse customer base will provide Arris with a large scale entry into the satellite segment, broaden our portfolio and expand our global presence.We look forward to working with the talented and accomplished team at Pace.”