Motorola Solutions and Silver Lake to Settle Outstanding $1 Billion 1.75% Convertible Notes
15 Febrero 2024 - 5:45AM
Business Wire
Silver Lake co-CEO and managing partner, Greg
Mondre, will continue to serve on Motorola Solutions board
Motorola Solutions (NYSE: MSI), a global leader in public safety
and enterprise security, and Silver Lake, a global leader in
technology investing, announced they will settle Silver Lake’s
outstanding $1 billion 1.75% senior convertible notes.
The notes, originally scheduled to mature in September 2024,
included a provision which gave Motorola Solutions the right to
redeem a portion of the notes upon attainment of a specific
Motorola Solutions share price over a specific period. Motorola
Solutions had previously expressed its intention to potentially
exercise this redemption right, and the parties agreed to enter
into a purchase agreement to settle the notes. As part of the
agreement, Motorola Solutions will pay Silver Lake approximately
$1.59 billion in cash to settle Silver Lake’s outstanding
convertible notes, inclusive of the conversion premium.
“The Silver Lake partnership has been very successful, and we’ve
transformed significantly since we entered into our initial
agreement almost nine years ago,” said Greg Brown, chairman and
CEO, Motorola Solutions. “We’ve substantially grown revenue and
earnings, significantly improved operating cash flow, completed
dozens of acquisitions and quadrupled our addressable market. With
our management team, our robust safety and security ecosystem and
the opportunities in front of us, we’re very well-positioned for
continued strong revenue and earnings growth going forward.”
“We are grateful for our partnership with Greg Brown and the
entire Motorola Solutions team over the past nine years,” said Greg
Mondre and Egon Durban, co-CEOs of Silver Lake. “The remarkable
ongoing transformation of Motorola Solutions stands as a testament
to his visionary leadership. Greg’s track record of shareholder
value creation is nothing short of extraordinary.”
Silver Lake co-CEOs and managing partners, Greg Mondre and Egon
Durban, will continue serving on the Motorola Solutions board
through the current term, with Greg Mondre expected to be nominated
to continue board service.
“I look forward to continuing to work alongside Greg and the
rest of the board, and believe the company will continue to create
and deliver on exciting opportunities for value creation for many
years to come,“ Mondre continued.
Additional information may be found in the Form 8-K that will be
filed today with the U.S. Securities and Exchange Commission.
About Motorola Solutions
Motorola Solutions is solving for safer. We build and connect
technologies to help protect people, property and places. Our
solutions enable the collaboration between public safety agencies
and enterprises that’s critical for a proactive approach to safety
and security. Learn more about how we’re solving for safer
communities, safer schools, safer hospitals, safer businesses –
safer everywhere – at www.motorolasolutions.com.
Motorola Solutions Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of applicable federal securities law. These statements
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and generally include
words such as “believes,” “expects,” “intends,” “anticipates,”
“estimates” and similar expressions. The company can give no
assurance that any actual or future results or events discussed in
these statements will be achieved. Any forward-looking statements
represent the company’s views only as of today and should not be
relied upon as representing the company’s views as of any
subsequent date. Readers are cautioned that such forward-looking
statements are subject to a variety of risks and uncertainties that
could cause the company’s actual results or events discussed in
these statements to differ materially from the statements contained
in this release. Such forward-looking statements include, but are
not limited to, the continued service of Greg Mondre and Egon
Durban on the company’s board and the company’s financial outlook.
Motorola Solutions cautions the reader that the risks and
uncertainties below, as well as those in Part I Item 1A of Motorola
Solutions’ 2022 Annual Report on Form 10-K, Part II Item 1A of
Motorola Solutions’ 2023 Third Quarter Report on Form 10-Q and in
its other SEC filings available for free on the SEC’s website at
www.sec.gov and on Motorola Solutions’ website at
www.motorolasolutions.com, could cause Motorola Solutions’ actual
results or events discussed in these statements to differ
materially from those estimated or predicted in the forward-looking
statements. Many of these risks and uncertainties cannot be
controlled by Motorola Solutions, and factors that may impact
forward-looking statements include, but are not limited to: (i) the
impact, including increased costs and potential liabilities,
associated with changes in laws and regulations regarding privacy,
data protection, information security and cybersecurity; (ii)
challenges relating to existing or future legislation and
regulations pertaining to artificial intelligence (“AI”),
AI-enabled products and the use of biometrics and other video
analytics; (iii) the impact of government regulation of radio
frequencies; (iv) audits, regulations and laws applicable to the
company’s U.S. government customer contracts and grants; (v) the
impact, including increased costs and additional compliance
obligations, associated with existing or future
telecommunications-related laws and regulations; (vi) the evolving
state of environmental regulation relating to climate change, and
the physical risks of climate change; (vii) impact of product
regulatory and safety, consumer, worker safety and environmental
laws; (viii) impact of tax matters; (ix) increased areas of risk,
increased competition and additional compliance obligations
associated with the expansion of the company’s technologies within
its Products and Systems Integration and Software and Services
segments; (x) the effectiveness of the company’s investments in new
products and technologies; (xi) impact of catastrophic events on
the company’s business or its customers' or suppliers' business;
(xii) social, ethical and competitive risks relating to the use of
AI in the company’s products and services; (xiii) the effectiveness
of the company’s strategic acquisitions, including the integrations
of such acquired businesses; (xiv) increased cybersecurity threats,
a security breach or other significant disruption of the company’s
IT systems or those of its outsource partners, suppliers or
customers; (xv) the company’s inability to protect its intellectual
property or potential infringement of intellectual property rights
of third parties; (xvi) risks relating to intellectual property
licenses and intellectual property indemnities in the company’s
customer and supplier contracts; (xvii) the company’s license of
the MOTOROLA, MOTO, MOTOROLA SOLUTIONS and the Stylized M logo and
all derivatives and formatives thereof from Motorola Trademark
Holdings, LLC; (xviii) the company’s inability to purchase at
acceptable prices a sufficient amount of materials, parts, and
components, as well as software and services, to meet the demands
of its customers, and any disruption to the company’s suppliers or
significant increase in the price of supplies; (xix) risks related
to the company’s large, multi-year system and services contracts
(including, but not limited to, with respect to the Emergency
Services Network and Airwave contracts); (xx) the global nature of
the company’s employees, customers, suppliers and outsource
partners; (xxi) the company’s use of third- parties to develop,
design and/or manufacture many of its components and some of its
products, and to perform portions of its business operations;
(xxii) the inability of the company’s subcontractors to perform in
a timely and compliant manner or adhere to its Human Rights Policy;
(xxiii) the inability of the company’s products to meet its
customers’ expectations or regulatory or industry standards; (xxiv)
increasing scrutiny and evolving expectations from investors,
customers, lawmakers, regulators and other stakeholders regarding
environmental, social and governance-related practices and
disclosures; (xxv) inability to attract and retain senior
management and key employees; (xxvi) impact of current global
economic and political conditions in the markets in which the
company operates (including, but not limited to, inflation);
(xxvii) impact of returns on pension and retirement plan assets and
interest rate changes; (xxviii) inability to access the capital
markets for financing on acceptable terms and conditions; (xxix)
exposure to exchange rate fluctuations on cross-border transactions
and the translation of local currency results into U.S. dollars;
and (xxx) the return of capital to shareholders through dividends
and/or repurchasing shares. Motorola Solutions undertakes no
obligation to publicly update any forward-looking statement or risk
factor, whether as a result of new information, future events or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240215621754/en/
Media Contact Alexandra Reynolds Motorola Solutions +1
312-965-3968 Alexandra.Reynolds@motorolasolutions.com
Investor Contact Tim Yocum Motorola Solutions +1
847-576-6899 Tim.Yocum@motorolasolutions.com
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