Bar-code scanners and walkie-talkie maker Motorola Solutions Inc. (MSI), Friday agreed to acquire British company Psion Plc. (PON.L) for $200 million, or 129 million pounds.
Motorola has offered to buy each Psion share for $1.36 or 88 pence, representing a premium of about 45 percent on the closing price of 60.5 pence on Thursday. Psion's directors have unanimously recommended the offer to its shareholders. The company expects the deal to to close in the fourth quarter.
London-based Psion currently makes rugged mobile hand-held computers for commercial and industrial applications. The company had became famous in 1980s when it developed the revolutionary Psion Organiser as well as a whole range of more advanced, Personal Digital Assistants. In 2011, the company generated revenues of about $273 million.
Greg Brown, CEO of Motorola Solutions, said: "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."
Schaumburg, Illinois-based Motorola Solutions provides mission-critical communication products and services for enterprise and government customers. The company was created in January 2011 when Motorola Inc. was spun off into two independent public companies.
MSI is currently trading on the NYSE at $48.05, up $0.70 or 1.48%, on a volume of 1 million shares.
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