Motorola, has completed its acquisition of Symbol Technologies. The transaction has a total equity value of approximately USD 3.9 billion on a fully-diluted basis. Symbol will be the core of Motorola’s enterprise mobility business.
As previously announced on September 19, 2006, the two companies signed a definitive merger agreement under which Motorola has now acquired all of the outstanding shares of Symbol common stock. The transaction was completed following approval of the merger by Symbol shareholders at a special meeting of shareholders. With the closing of the transaction, trading in Symbol common stock was halted at the close of business. Symbol now becomes a part of Motorola Networks & Enterprise, a business with a combined revenue of USD 13 billion for 2005.
"By combining our complementary technology portfolios, industry-specific domain knowledge, sales channels and customer bases, the new Motorola enterprise mobility business will provide real-time technology solutions for customers, both inside and outside the four walls of their enterprise," said Greg Brown, president of Motorola Networks & Enterprise.
Motorola’s enterprise mobility business will address the entire spectrum of enterprise mobility needs from the shop floor to the corner office, providing workers with access to information out in the field, in the factory, at cash registers, at a patient’s bedside and throughout the supply chain, as per a staement issued by the company.
In addition, Motorola enterprise mobility devices will integrate and utilise capabilities gained through Motorola’s recently completed acquisition of Good Technology. Good Technology’s wireless messaging, data access and handheld security offerings provide solutions for mobile professionals with enterprise-level device security and management, the company stated.
Sal Iannuzzi, former president and CEO of Symbol, will serve as president of the new Motorola enterprise mobility business. The business will be based at the former Symbol headquarters building in Holtsville, NY, and will utilise resources throughout Motorola.
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