Silver Lake Makes New $1 Billion Investment in Motorola Solutions
September 05 2019 - 6:56AM
Dow Jones News
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.
Motorola Solutions (NYSE:MSI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Motorola Solutions (NYSE:MSI)
Historical Stock Chart
From Apr 2023 to Apr 2024