Motorola Inc. has set a date for its planned split.
The company will become Motorola Mobility and Motorola Solutions as of Jan. 4, according to a Nov. 30 press release. The former will trade under the MMI ticker symbol on the New York Stock Exchange, while the latter will carry the MSI symbol.
Motorola earlier this year announced it would split in two as a way to boost shareholder value. At first, the telecom equipment and device maker expected to finish the transaction around June 2011. But the company steadily has moved up the timeline, with Jan. 4 as the first firm date.
The deal is structured as a tax-free dividend. The distribution will take place before the market opens on Jan. 4; all shareholders on record as of Dec. 21 will receive a payout. Motorola stockholders will receive one share of Motorola Mobility common stock for every eight shares of Motorola common stock they hold.
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