Motorola Solutions buys $1.2 bn in stock from Icahn
Motorola Solutions, the equipment maker created from a 2011 split of Motorola, said Monday it had bought back $1.2 billion of its shares from corporate raider Carl Icahn.
The purchase of some 23 million shares represents around 7.5 percent of the capital of Motorola Solutions, which makes communications and computer equipment for government, public safety and enterprise customers.
The company was formed by a split in 2011 of Motorola, along with the Motorola Mobility unit including the telecom and handset division which was later sold to Google.
Icahn is known for buying up stakes in a company, in some cases seeking control to restructure a firm. In other cases he may resell a stake for a profit. He is known for taking large or controlling stakes in firms such as TWA, MGM and Yahoo.
As part of the latest transaction, Icahn associate Vincent Intrieri has agreed to resign from the board of Motorola Solutions.