Motorola (News - Alert) Solutions announced that its offer to acquire Psion PLC for nearly $200 million in cash has been declared wholly unconditional and closed.
The company has completed the acquisition of Psion, said Greg Brown (News - Alert), chairman and CEO at Motorola Solutions, adding that this acquisition expands the company’s core Enterprise Mobile Computing business.
Brown believes that Psion bolsters the company’s strategic position in important industrial segments such as manufacturing and transportation and logistics, increases its cross-selling opportunities and expands its global enterprise solutions portfolio.
The company is submitting an application to the London Stock Exchange to delist Psion common stock and upon de-listing, Psion common stock will cease trading. Motorola Solutions expects the transaction to be accretive to earnings per share on a non-GAAP basis in 2013 and on a GAAP basis in 2014.
Company official said that Psion share holders, who are yet to accept the acquisition offer, can accept at this time pursuant to the terms of the offer. This offer is expected to remain open until further notice.
“We welcome Psion’s dedicated employees to our company and look forward to a seamless integration for the benefit of our customers and combined stakeholders,” Brown said.
Motorola Solutions is a provider of mission-critical communication solutions and services for enterprise and government customers. Through innovation and communications technology, it enables its customers to be their best in the moments that matter.
In July, the company announced its second-quarter 2012 results highlighted by sales of $2.1 billion, up eight percent from the second quarter of 2011 driven by strong worldwide demand in its Government segment.
Recently, Verizon (News - Alert) selected the company as a key DRM supplier to secure its FiOS (News - Alert) Flex View multi-screen content service using the SecureMedia Encryptonite ONE HLS+.A
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Edited by Brooke Neuman