Motorola Solutions to acquire Psion for $200 million
With headquarters in London and a major operational presence near Toronto, Canada, Psion has been in the mobile computing solutions area since 1980. Psion has approximately 830 employees, customers in more than 50 countries and delivered 2011 revenues of about $273 million.
"Psion is a compelling opportunity to strengthen our industry-leading, mobile-computing portfolio with ruggedized handheld products and vehicle-mount terminals that will deepen our presence in the global markets in which we compete," Greg Brown, chairman and CEO of Motorola Solutions said in a statement.
John Hawkins, chairman of Psion, said: "The Psion directors are pleased to unanimously recommend this offer by Motorola Solutions at a price which offers a significant cash premium to both the current and recent market prices. Psion continues to successfully deliver on its strategy of introducing exciting new products while strictly managing the cost base. The offer by Motorola Solutions provides Psion's shareholders with certainty in an environment where certainty is in short supply."
Under the terms of the acquisition, Psion shareholders will receive about $1.36 in cash for each Psion share through a recommended cash offer, valuing Psion's issued ordinary share capital at approximately $200 million.
Upon completion of the acquisition, Motorola Solutions will combine Psion within Motorola Solutions' Enterprise Mobile Computing business, reporting to Girish Rishi, corporate vice president of EMC.
In connection with Friday's announcement, Motorola Solutions is expected to make the recommended cash offer for all Psion shares within 28 calendar days. The transaction is conditional upon the tender of 90 percent of Psion shares, regulatory approval and the satisfaction of other customary closing conditions.
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