Telecom Lead America: Motorola Solutions is set to buy
ruggedized mobile computing products provider Psion for $200 million in cash.
The London-based mobile computing solutions company has
approximately 830 employees, customers in more than 50 countries and delivered
2011 revenues of $273 million.
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,” said Greg Brown, chairman and CEO of Motorola Solutions.
The consideration represents a premium of approximately
45 percent to the closing price of 60.5 pence per Psion share on June 14, 2012.
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 Psion directors are pleased to unanimously recommend
this offer by Motorola Solutions at a price which offers a significant cash
premium to both the current and recent market prices. Psion continues to
successfully deliver on its strategy of introducing exciting new products while
strictly managing the cost base,” said John Hawkins, chairman of Psion.