Motorola Solutions Inc. on Monday said it bought back nearly $1.17 billion in stock from multi-billionaire Carl Icahn and some of his affiliates.
The company said it made the purchase under its $3 billion stock repurchase program. Motorola Solutions purchased about 23.7 million shares of its common stock for $49.15 per share. Motorola Solutions previously purchased $1.1 billion in shares in the second half of 2011 for an average price of $41.77, according to a fourth-quarter investor presentation.
A member of Icahn’s team, Vincent J. Intrieri, also has agreed to resign from Motorola Solutions’ board of directors, said Motorola Solutions.
Icahn has disclosed in regulatory documents that his stake in Motorola Solutions has been reduced to 4.95 percent from 12 percent, the Chicago Tribune reported.
In a separate announcement Monday, Motorola Solutions revealed that it was assuming responsibility for a public safety project from Nokia Siemens Networks in Norway that’s worth about $750 million through 2026. The project, the company said, it one of its largest nationwide public safety contracts.
Based in Schaumberg, Ill., Motorola Solutions reported 2011 sales of $8.2 billion.