Motorola Solutions, Inc. has announced that the company's offer to acquire Psion PLC for approximately $200 million in cash has been declared wholly unconditional and has closed. Holders of Psion shares who have not accepted the offer but wish to do so are encouraged to accept at this time pursuant to the terms of the offer, which will remain open until further notice.
Greg Brown, chairman and chief executive officer of Motorola Solutions, said: "We are pleased to announce the completion of our acquisition of Psion, which expands our core Enterprise Mobile Computing business. Psion bolsters our strategic position in important industrial segments such as manufacturing and transportation and logistics, increases our cross-selling opportunities and expands our global enterprise solutions portfolio. We welcome Psion's dedicated employees to our company and look forward to a seamless integration for the benefit of our customers and combined stakeholders."
As a result of the completion of the transaction, an application is being submitted to the London Stock Exchange to delist Psion common stock. Upon delisting, Psion common stock will cease trading. Motorola Solutions expects the transaction to be accretive to earnings per share on a non-GAAP basis in 2013 and on a GAAP basis in 2014.