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Motorola to buy Psion for $200m
18 June 2012
Remains of Motorola to buy Psion, UK maker of rugged mobile computers, in agreed offer worth $200m
Nokia Siemens Networks
Motorola Solutions, the remainder of the former telecoms and radio giant, is to buy all shares in handheld computer maker Psion for the equivalent of $1.36 a share through a recommended cash offer. The offer values the company at around $200 million.
The deal for Psion, expected to conclude in the fourth quarter of 2012, is conditional on the tender of 90% of shares and regulatory approval. Psion’s sales were £176 million in 2011, only marginally up on the 2010 figure of £174.5 million, and it made a £2 million loss from continuing operations.
Greg Brown, chairman and CEO of Motorola Solutions, said: “Psion is a compelling opportunity to strengthen our industry-leading, mobile-computing portfolio with ruggedised handheld products and vehicle-mount terminals that will deepen our presence in the global markets in which we compete.”
Nokia Siemens Networks acquired most of Motorola Solutions in 2011 for $975 million. Google bought Motorola Mobility, the handset side of the former group, for $12.5 billion.
John Hawkins, chairman of Psion, said: “The offer by Motorola Solutions provides Psion’s shareholders with certainty in an environment where certainty is in short supply.”
Psion was the developer of the operating system that was later renamed Symbian, later acquired by Nokia. Motorola will combine Psion within its enterprise mobile computing business, reporting to corporate vice president Girish Rishi. GTB
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