The deal includes cash and stock

Rumors started surfacing early this month that Google was looking to shed the Motorola Home business division after its purchase of Motorola Mobility. Google's goal was to help focus its Motorola Mobility holdings on smartphones and tablets. Motorola announced this week that it has now entered into an agreement to sell off the Home business to a company called Arris.

Arris is paying Google $2.35 billion in cash and stock and the transaction has been approved by the Board of Directors for both companies. The acquisition is on a cash-free, debt-free basis.

The agreement will see Google receiving $2.05 billion in cash and approximately $300 million in newly issued Arris stock shares. The deal is subject to certain adjustments provided for in the agreement and will result in Google owning 15.7% interest in Arris after the deal closes.

Arris says that the purchase of Motorola Home will give it a global presence with over 500 customers in 70 countries. The company also plans to offer a wide array of products and solutions encompassing the full spectrum of broadband content and service providers.

Sources: Motorola Mobility, Arris [PDF]

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