Motorola Solutions Inc (NYSE:MSI), based in Schaumburg, announced Monday that it has completed its buyout of Psion for about $200 million. The company revealed that its offer has been declared wholly unconditional and has closed, and the shareholders who still hold Psion shares can still accept the offer but at certain terms, which will remain open until further notice. As per the announcement, “Holders of Psion shares who have not accepted the offer, but wish to do so, are encouraged to accept at this time, pursuant to the terms of the offer, which will remain open until further notice”.
Greg Brown, chairman and chief executive officer of Motorola Solutions Inc (NYSE:MSI), said: “We are pleased to announce the completion of our acquisition of Psion, which expands our core Enterprise Mobile Computing business. Psion bolsters our strategic position in important industrial segments, such as manufacturing and transportation and logistics, increases our cross-selling opportunities, and expands our global enterprise solutions portfolio. 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”.
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At the time of announcement of the deal in June, Motorola Solutions said that the acquisition of Psion would help in boosting its mobile-computing portfolio and extend its presence in its current global markets. Motorola Solutions Inc, which sells communications equipment to government and corporate customers, announced that the buyout will add to its adjusted earnings per share “on a non-GAAP basis in 2013 and on a GAAP basis in 2014”.
London-based Psion serves customers in more than 50 countries with mobile computing products for industrial markets. As a result of the completion of the transaction, company’s stock will be delisted from the London Stock Exchange. Psion the inventor of the ‘revolutionary’ Psion Organiser, owns a registered trademark ‘Netbook’ across Europe and the US, having launched its own Netbook Pro computer back in 2003. The company has 830 employees and has a major operational presence near Toronto, Canada, as a direct result of its merger with Canadian company Teklogix back in 2000.
Motorola Solutions Inc (NYSE:MSI) shares, which were trading at a 52-week high of $52.78 in early March, finished at $50.55 on Friday.