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Motorola To Acquire Symbol For $3.9 Billion
Symbol, a point-of-sale and RFID vendor, has suffered financial, accounting, and management woes over the past several years, but is expected to play into Motorola's wireless initiatives.
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Wireless technology vendor Motorola said Tuesday it plans to acquire point-of-sale and RFID vendor Symbol Technologies in a deal valued at $3.9 billion.
Motorola, Schaumburg, Ill., will pay $15 per share for Symbol, Holtsville, N.Y., which has suffered financial, accounting and management woes over the past several years.
"Everything is going digital, and everything digital is going mobile. This is especially evident in the way businesses are run today," Motorola Chairman and CEO Ed Zander said in a statement.
Zander said the acquisition would bolster Motorola's enterprise mobility efforts.
Symbol President and CEO Sal Iannuzzi said in a statement that he would work toward a speedy transition.
More details about the deal are expected to emerge in a morning conference call between executives of the two companies and financial analysts.
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