Moto buys Symbol

Motorola is set to pay US$3.9 billion for Symbol Technologies in a bid to boost its networking and enterprise mobility portfolio.

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By  Eliot Beer Published  September 20, 2006

Motorola is set to pay US$3.9 billion for Symbol Technologies in a bid to boost its networking and infrastructure portfolio. “This transaction significantly advances Motorola's enterprise mobility strategy and is consistent with our focus on building on our already strong intellectual property portfolio and extending Motorola's seamless mobility leadership,” said Motorola chairman and CEO, Ed Zander. “We are confident that this transaction will create significant value for stockholders by establishing a strong presence for Motorola in attractive adjacencies with enormous potential for sustained growth.” Motorola has agreed to pay $15 per Symbol share in cash, compared to last week’s price of just over $12.50 per share. “We believe this is an outstanding transaction for our stockholders, associates, customers and partners,” said Sal Iannuzzi, president and CEO of Symbol. “Motorola is at the forefront of mobile communications and enterprise solutions technology, making it the ideal partner for Symbol. This combination meets our goal of delivering value to our stockholders while creating exciting future growth opportunities for Symbol's associates and partners, and enhanced products and services for our customers. “We look forward to working with the Motorola team to ensure a rapid and seamless transition,” he added. The companies expect the acquisition to be complete by late 2006 or early 2007.

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