Electronics giant Motorola is buying Vancouver-based security camera maker Avigilon, the company announced this week.
Under the “all-cash” sale agreement, Motorola Solutions will acquire all of Avigilon’s outstanding shares for $27 per share. The value of the transaction is approximatley CAD$ 1.2 billion, including Avigilon’s net debt.
The acquisition will “bring Avigilon’s advanced video surveillance and analytics platform to the rapidly evolving public safety workflow, while also expanding our portfolio with new products and technologies for commercial customers,” said Motorola Chairman and CEO Greg Brown.
“Video can play a powerful role in creating safer cities and thriving businesses,” added Brown.
Avigilon products are used by a range of commercial and government customers including critical infrastructure, airports, government facilities, public venues, healthcare centres and retail. The company holds more than 750 US and international patents.
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“We’re very pleased to be joining Motorola Solutions, as their vision and strategy aligns fully with our own,” said Aviglion’s CEO and chairman, Alexander Fernandes. “This combination will bring new opportunities to Avigilon, allowing us to accelerate our innovation and provide even more value to our customers.”
The transaction is expected to be completed by the end of the second quarter of 2018, subject to customary closing conditions, including regulatory, shareholder and court approvals.