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Motorola Completes Symbol Acquisition
4:32 PM EST Tue. Jan. 09, 2007
The Schaumburg, Ill.-based communications technology giant said the $3.9 billion deal was formally completed after Tuesday's approval of the deal by Symbol shareholders. They will get $15 per share in the deal.
Motorola and Symbol announced the acquisition on Sept. 19 last year, after Symbol fielded offers from several companies and involved itself in on-again, off-again negotiations with Motorola for more than a year.
Symbol, which has been based in Holtsville, N.Y., will now become part of Motorola Networks & Enterprise group. Motorola has said its Holtsville property will remain open as a center of excellence for enterprise mobility, as well as the hub of those operations. The Networks & Enterprise group will be a $13 billion entity, Motorola said.
Sal Iannuzzi, who had been CEO of Symbol, will become president of Motorola's enterprise mobility operations, the company said.
