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Pace completes international business negotiations with US firm

UK company set to buy 2Wire for £307m

26 July 2010

UK set-top box developer Pace has completed international business negotiations with US broadband firm 2Wire.

The British firm is set to acquire 2Wire for $475 million (£307 million) as it looks to expand into the internet TV market.

Neil Gaydon, chief executive of Pace, claimed the deal would help the business take advantage of the growing demand for high-speed broadband in the US.

"We have built a strong position in the US with cable and satellite operators and 2Wire, with its expertise in the broadband residential gateway market, will enable us to address a full range of US operator requirements," he said.

Following the announcement of the deal, Pace shares rose by eight per cent to a near-five month high.

Having usurped Motorola in May, Pace is now the world's largest set-top box maker, supplying the technology to BSkyB, Canal+, and Comcast.

A consortium fronted by Alcatel-Lucent, Telmex and Oak Investment Partners currently owns 2Wire.

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