Pace seals a US deal as it accelerates by 46%

Pace, the UK company which became the world's biggest manufacturer of set-top boxes earlier this year, is paying $475 million (£308 million) for US broadband technology group 2wire.

Chief executive Neil Gaydon said: "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."

The deal catapults Pace to be the third-biggest supplier of broadband home hubs in the world. first-half profits rose 46% to £45.4 million on revenues up by 21% at £635.2 million.