Motorola, Inc. (Schaumburg, Ill.) completed its acquisition of Symbol Technologies, Inc. The transaction had a total equity value of approximately $3.9 billion on a fully-diluted basis. Symbol will form the core of Motorola’s enterprise mobility business.
As 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. Symbol now becomes a part of Motorola Networks & Enterprise, a business with a combined revenue of $13 billion for 2005.
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, N.Y., and will utilize resources throughout Motorola.
“Through our merger with Motorola, we have delivered value to our shareholders and have created a business that is uniquely positioned to provide enterprise customers with an unrivaled product portfolio,” said Iannuzzi. “We are blending Symbol’s 30 years of enterprise expertise with Motorola’s leadership in mobility to achieve an elevated position as a global enterprise mobility leader.”