Motorola Solutions to Acquire Psion for $200 Million
Today, Motorola Solutions Inc. announced plans to acquire Psion Plc. for around $200 million in cash.
The deal is expected to close by the end of the fiscal 2012 year. Under the current agreement, Motorola will offer Psion $1.36 per share, which amounts to approximately $200 million.
Psion is headquartered in London, but has major operations in Toronto, Canada. They specialize in rugged industrial mobile computing products. They currently have around 830 employees and serve clients in 50 countries. 2011 generated revenues over $270 million for the company.
Greg Brown, chairman and CEO of Motorola Solutions, comments on the acquisition of Psion:
“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.”
John Hawkins, chairman of Psion, comments on joining Motorola Solutions:
“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.”
Once the deal is complete, Motorola Solutions will integrate Psion within Motorola Solutions’ Enterprise Mobile Computing (EMC) business, reporting to Girish Rishi, corporate vice president of EMC.