Motorola Solutions Inc. on Friday announced plans to acquire Psion Plc., a provider of mobile computing solutions, for $200 million in cash.
Schaumburg, Ill.-based Motorola Solutions and London-based Psion have agreed on terms of an offer by Motorola Solutions to acquire all Psion shares for $1.36 in cash per share. Psion shareholders stand to receive a 66 percent premium based on the six-month average price of 52.9 pence pers Psion share before the deal was announced.
Motorola Solutions expects to close the acquisition in the fourth quarter of 2012.
Greg Brown, chairman and CEO of Motorola Solutions, said the acquisition will strengthen the company’s “mobile-computing portfolio with ruggedized handheld products and vehicle-mount terminals that will deepen our presence in the global markets in which we compete.”
Motorola Solutions anticipates making a recommended cash offer for Psion shares within the next four weeks. The deal is dependent upon the tender of 90 percent of Psion shares, regulatory approval and the satisfaction of other customary closing conditions.
After Motorola Solutions has closed the acquisition, it will combine Psion with its enterprise mobile computing business.
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May 22 2018 @ 16:40:08 UTC