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18
June
2012

Motorola Solutions to acquire Psion

Motorola Solutions to acquire all Psion shares for 88 pence in cash per Psion share. It is intended that the acquisition will be effected by way of a recommended cash offer.
With headquarters in London and a major operational presence near Toronto, Canada, Psion has been active in mobile computing solutions since 1980. Psion has approximately 830 employees, customers in more than 50 countries and delivered 2011 revenues of GBP 176 million.

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.”

John Hawkins, chairman of Psion, said: "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. The offer by Motorola Solutions provides Psion's shareholders with certainty in an environment where certainty is in short supply."

Under the terms of the acquisition, Psion shareholders will receive 88 pence in cash for each Psion share through a recommended cash offer, valuing Psion's issued ordinary share capital at approximately GBP 129 million.

The acquisition is expected to close in the fourth quarter of 2012.
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