Motorola confirms the split of the mobile group early in 2011

10th July, 2010 by adina
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Motorola will make the planned split of the company early in 2011, more exactly during the first three months. An SEC filing specifies that the remaining core of the company will be named Motorola Solutions and will include both Networks and Enterprise Mobility Solutions businesses. The other company will be called Motorola Mobility and will include the Home and Mobile Devices businesses.

Meantime, a new wholly owned subsidiary and new holding company, Motorola SpinCo, has been established. To achieve the separation, there will be a distribution of shares in Motorola SpinCo, free of taxes, to Motorola shareholders. The distribution of the shares will be done using a prorated basis.

To finalize the separation, a final approval is necessary. The authorities able to approve the split are the Board of Directors of Motorola and federal officials. A third-party counsel could replace the federal officials.


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