Motorola Solutions is acquiring ruggedized mobile computing company Psion for $1.36 in cash per Psion share, valuing the company at approximately $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.
Motorola Solutions is expected to make the recommended cash offer for all Psion shares within 28 calendar days. The transaction is conditional upon the tender of 90 percent of Psion shares, regulatory approval and the satisfaction of other customary closing conditions.
Goldman Sachs is serving as Motorola Solutions’ financial adviser and Clifford Chance is serving as Motorola Solutions’ legal counsel in relation to the transaction. Canaccord Genuity Hawkpoint is serving as financial adviser to Psion and Slaughter and May is serving as legal counsel to Psion in relation to the transaction.
Psion has headquarters in London and operational presence near Toronto, Canada. The company has approximately 830 employees, customers in more than 50 countries and delivered 2011 revenues of approximately $273 million.
[Image Courtesy: Psion]