Motorola Solutions has snapped up UK-based Psion in a deal worth £129 million or $200 million USD.
Motorola Solutions Friday announced that it had acquired Psion, a designer and manufacturer of rugged mobile devices for commercial and industrial use. Motorola is hoping the deal, worth $200 million in cash, will bolsters its mobile-computing portfolio with the addition of ruggedized handsets and vehicle-mount terminals.
"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," said Greg Brown, chairman and CEO of Motorola Solutions.
The million deal will see Psion shareholders receive $1.36 cash per share. This represents a premium of approximately 45 percent to the closing per share price on June 14, 2012, the last trading day prior to the announcement, and a roughly 66 percent premium on the six month average share price prior to June 15.
The two companies expect the deal to be signed and sealed close to the end of this year, in the fourth quarter of 2012, provided the deal garners the usual regulatory approvals.