Motorola Solutions and Psion, British computer maker today announced that they have agreed on the terms of acquisition to purchase all Psion shares for 88 pence (US $1.36) in cash per Psion share. Psion has been a pioneer in ruggedized mobile computing products and their application in industrial segments around the world.
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.”
The terms of the acquisition says Psion shareholders will receive 88 pence (US $1.36) in cash for each Psion share through a recommended cash offer, valuing Psion’s issued ordinary share capital at approximately £129 million (US $200 million).
Upon completion of the acquisition, Motorola Solutions will combine Psion within Motorola Solutions’ Enterprise Mobile Computing (EMC) business. Psion has approximately 830 employees, customers in more than 50 countries and delivered 2011 revenues of £176 million (approximately US $273 million).