Motorola Solutions purchases Psion for 200 million dollars
June 18th, 2012 - 02:59 am ET by C. D.
Motorola Solutions has announced that they have purchased one of the pioneers of mobility, Psion, for 200 million dollars.
Motorola was divided into two companies - Motorola Mobility, a smartphone, tablets and digital decoder’s manufacturer which has since been purchased by Google and Motorola Solutions, aimed at providing professional mobile solutions and dedicated enterprise devices.
The second of these companies has now announced that they intend on purchasing the emblematic company Psion, a pioneer in mobile devices which is now towards professional mobile devices. The offer is £0.88 per share (1.36 dollar per share), or 129 million pounds sterling (200 million dollars).
This acquisition should complete Motorola Solutions knowledge thanks to devices which come with hardened cases that are mounted on board vehicles developed by Psion. The purchase is similar to that made by Motorola when they acquired Symbol Technologies in 2006, with this company also previously specialising in professional PDA’s (EDA’s or Enterprise Data Assistant) with these technologies now integrated into Motorola Solutions.
Motorola Solutions offer is at a 45% premium to Psion’s stock price (£0.60 on the 14th of June) and a 66% premium when compared to its last six month average. The transaction will lead to Psion being integrated into Motorola Solutions EMC division (Enterprise Mobile Computing). The company hasn’t yet indicated whether Psion’s name will be kept.
The transaction, which needs to be approved by regulators, should be finalised by the last quarter of 2012.