Motorola Solutions to Buy Airwave Solutions for $1.2 Billion
04 Dicembre 2015 - 12:51AM
Dow Jones News
By Maria Armental
Motorola Solutions Inc. (MSI) has reached a deal to buy Airwave
Solutions Ltd. for 817.5 million British pounds(about $1.2
billion).
Airwave, a British company owned by investment fund Macquarie
European Infrastructure Fund 2, operates one of the largest
public-safety networks in the world, Motorola said. The network
already operates on Motorola's Terrestrial Trunked Radio (Tetra)
technology.
Motorola manages and operates similar public-safety networks in
Norway, Denmark, Austria, Australia and the United States.
The deal, subject to regulatory approval, is expected to close
in the first quarter and add to Motorola's adjusted profit.
Standard & Poor's Ratings Services on Thursday affirmed the
triple-B-minus rating on Motorola's credit saying that despite
Motorola's current operating weakness, Airwave's strong Ebitda
should improve its credit profile, and that Motorola intends to
repay during fiscal 2016 a bank loan to help pay for the deal.
Motorola's shares, up 6% this year, rose 3.4% in late trading to
$73.50, topping a 52-week-high of $72.97 set during regular trading
on Nov. 19.
Write to Maria Armental at maria.armental@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
December 03, 2015 18:36 ET (23:36 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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