Motorola completes Terayon acquisition
SCHAUMBURG, Ill. (AP) - Motorola (NYSE:MEU) (NYSE:MOT) Inc. said Friday it completed its $140 million acquisition of Terayon Communication Systems (OOTC:TERN) Inc., a maker of chips which process video.
The cellphone handset maker agreed in April to pay $1.80 per share in cash for Terayon in an effort to expand its advanced video handset offering.
Terayon, which will keep its Santa Clara, Calif. operations, will become a unit of Motorola. It will be integrated into the company's home and network mobility segment.
Terayon will no longer trade on the pink sheets as a result of the deal's completion.
Motorola anticipates the transaction being neutral to full-year earnings, excluding certain charges and one-time costs.
Shares of Motorola fell 38 cents, or 2.1 percent, to $17.84 in afternoon trading. The stock has traded in a 52-week range of $17.32 to $26.30.
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The cellphone handset maker agreed in April to pay $1.80 per share in cash for Terayon in an effort to expand its advanced video handset offering.
Terayon, which will keep its Santa Clara, Calif. operations, will become a unit of Motorola. It will be integrated into the company's home and network mobility segment.
Terayon will no longer trade on the pink sheets as a result of the deal's completion.
Motorola anticipates the transaction being neutral to full-year earnings, excluding certain charges and one-time costs.
Shares of Motorola fell 38 cents, or 2.1 percent, to $17.84 in afternoon trading. The stock has traded in a 52-week range of $17.32 to $26.30.
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