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Google to buy Motorola Mobility for $12.5 billion |
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Google Inc. and Motorola Mobility Holdings, Inc. have announced inked an agreement where Motorola Mobility will be acquired by Google for $40.00 per share in cash, valuing the transaction at $12.5 billion. The price is a 63% premium to the closing price of Motorola Mobility shares on Friday, August 12, 2011. The boards of directors of both companies have unanimously approved the acquisition.  On the same day as news of the acquisition broke, Motorola also released the DEFY+, a “life proof smartphone” that is water resistant, scratch resistant and features a dust proof design. It has a 1GHz processor that runs 25 percent faster and has the latest version of Android 2.3 (Gingerbread) operating system.In a statement, Google said Motorola Mobility's acquisition will allow it to “supercharge the Android ecosystem and will enhance competition in mobile computing.” The company said it will run Motorola Mobility as a separate business, which will remain a licensee of Android. It also said that the Android platform “will remain open.” Additional perspective on Google's move is available from the history of the cellphone itself. Motorola researcher and executive Martin Cooper is widely regarded as the inventor of the first practical mobile phone for hand held use. He had made the first call on a hand held mobile phone on April 3, 1973 to rival, Dr. Joel S. Engel of Bell Labs. Reports in the media talked about how the move would bolster the position of other Android phone manufacturers, such as HTC and Samsung, in the ongoing patent war over the Android smart phone platform. For Google, the acquisition also brings 17,000 patents Motorola holds into its existing portfolio, and then some that the company has applied for. Larry Page, CEO of Google, said, “Motorola Mobility’s total commitment to Android has created a natural fit for our two companies. Together, we will create amazing user experiences that supercharge the entire Android ecosystem for the benefit of consumers, partners and developers.” Sanjay Jha, CEO of Motorola Mobility, said the This transaction offers significant value for Motorola Mobility’s stockholders and provides compelling new opportunities for employees, customers, and partners. The companies anticipate the transaction to close towards the end of the calender year, or sometime early 2012 as it is subject to customary closing conditions and regulatory approvals in the US, the European Union and other jurisdictions. Image: Courtesy Motorola Image Gallery |
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