By Chris Wack

Motorola Solutions (MSI) and Silver Lake said Thursday they will extend their strategic partnership, with Silver Lake making a new $1 billion investment in Motorola Solutions, and settling its outstanding $800 million aggregate principal investment one year ahead of its maturity.

The companies said Egon Durban and Greg Mondre, managing partners and managing directors of Silver Lake, will remain on the Motorola Solutions board.

Under the terms of the new agreement, Silver Lake will buy $1 billion of 1.75% convertible senior unsecured notes due 2024 using capital from a more recent fund to extend Silver Lake's commitment and enable a longer hold period. The notes will have an initial conversion price of $203.50 a share, and will mature in September 2024 unless earlier repurchased, redeemed or converted.

The companies also said they will settle outstanding $800 million in principal amount of 2.00% convertible senior unsecured notes due 2020. Motorola Solutions will pay Silver Lake $1.1 billion in cash and issue about 5.5 million shares.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

September 05, 2019 06:41 ET (10:41 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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