Motorola Solutions and Psion Plc. today announced that they have agreed on the terms of a recommended offer by Motorola Solutions for all Psion shares for 88 pence (US $1.36) in cash per Psion share.
Psion develops ruggedized mobile computing products and applications in industrial segments around the world. With headquarters in London and a major operational presence near Toronto, Canada, Psion has been a leader in mobile computing solutions since 1980. Psion has approximately 830 employees, customers in more than 50 countries and delivered 2011 revenues of approximately US $273 million.
Greg Brown, chairman and 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."
Under the terms of the acquisition, Psion shareholders will receive US $1.36 in cash for each Psion share through a recommended cash offer, valuing Psion's issued ordinary share capital at approximately US $200 million.
Upon completion of the acquisition, Motorola Solutions will combine Psion within Motorola Solutions' Enterprise Mobile Computing (EMC) business, reporting to Girish Rishi, corporate vice president, EMC.
The companies expect the acquisition to close in the fourth quarter.