SCHAUMBURG, Ill. – Oct. 1, 2012 – Motorola Solutions, Inc. (NYSE: MSI) today announced that the company’s offer to acquire Psion PLC for approximately $200 million in cash has been declared wholly unconditional and has closed. Holders of Psion shares who have not accepted the offer but wish to do so are encouraged to accept at this time pursuant to the terms of the offer, which will remain open until further notice.
Greg Brown, chairman and chief executive officer of Motorola Solutions, said: “We are pleased to announce the completion of our acquisition of Psion, which expands our core Enterprise Mobile Computing business. Psion bolsters our strategic position in important industrial segments such as manufacturing and transportation and logistics, increases our cross-selling opportunities and expands our global enterprise solutions portfolio. We welcome Psion’s dedicated employees to our company and look forward to a seamless integration for the benefit of our customers and combined stakeholders.”
As a result of the completion of the transaction, an application is being submitted to the London Stock Exchange to delist Psion common stock. Upon delisting, Psion common stock will cease trading. Motorola Solutions expects the transaction to be accretive to earnings per share on a non-GAAP basis in 2013 and on a GAAP basis in 2014.
About Motorola Solutions
Motorola Solutions is a leading provider of mission-critical communication solutions and services for enterprise and government customers. Through leading-edge innovation and communications technology, it is a global leader that enables its customers to be their best in the moments that matter. Motorola Solutions trades on the New York Stock Exchange under the ticker “MSI.” To learn more, visit www.motorolasolutions.com. For ongoing news, please visit our media center or subscribe to our news feed.
This press release may contain "forward-looking statements" within the meaning of applicable federal securities laws, which are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Generally, the words "will", "may", "should", "continue", "believes", "expects", "intends", "anticipates", "estimates" or similar expressions identify forward-looking statements. These statements are based on assumptions and assessments made by Motorola Solutions in light of its experience and perception of historical trends, current conditions, future developments and other factors it believes appropriate. By their nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those suggested by them. Many of these risks and uncertainties relate to factors that are beyond Motorola Solutions' ability to control or estimate precisely, and include, but are not limited to: (1) Motorola Solutions' ability to integrate Psion with its Enterprise Mobility Computing business in an efficient and effective manner; (2) Motorola Solutions' ability to achieve expected cost savings associated with the transaction; (3) the impact on Motorola Solutions' performance and financial results deriving from the perceived benefits of the transaction; and (4) current economic conditions, particularly in Europe, where Psion has a significant amount of sales, as well as future market conditions and the behaviors of other market participants. Therefore undue reliance should not be placed on such statements, which speak only as at the date of this press release and do not represent the views of Motorola Solutions as of any subsequent date. A detailed description of other risks and uncertainties affecting Motorola Solutions is contained in Item 1A of Motorola Solutions' 2011 Annual Report on Form 10-K and in its other filings with the Securities and Exchange Commission (SEC). These filings are available for free on the SEC's website at www.sec.gov and on Motorola Solutions' website at www.motorolasolutions.com. Motorola Solutions does not assume any obligation to, and does not intend to, update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required pursuant to applicable law.
Nothing in this press release is intended, or is to be construed, as a profit forecast or to be interpreted to mean that earnings per Psion share or Motorola Solutions share for the current or future financial years, or those of the combined group, will necessarily match or exceed the historical published earnings per Psion share or Motorola Solutions share.