Motorola acquires Symbol Technologies

Motorola acquires Symbol Technologies

US based tech giant Motorola has said that they are going to acquire Symbol Technologies Inc. for about $3.9 billion, or $15 per share in cash.

The company is the world’s second largest maker of mobile handsets and Symbol specializes in manufacturing bar code scanners, Palm OS- and Windows-based handheld computers, wireless networking equipment and retail kiosks.

The purchase price of the company represents a 2.2 percent premium to Symbol\’s Monday closing price of $14.67.

Symbol Technologies has around 5,200 workers and had earnings of $32.3 million on sales of $1.77 billion in 2005.

Motorola confirmed that after the acquisition is complete, Symbol would become a part of the company and would be the cornerstone of Motorola\’s networks and enterprise business.