Motorola to Expand Enterprise Capabilities Through Acquisition of Symbol Technologies

Motorola, Inc. (NYSE: MOT) and Symbol Technologies, Inc. (NYSE: SBL) announced today that the two companies have signed a definitive merger agreement, under which Motorola has agreed to acquire all of the outstanding shares of Symbol for $15 per share in cash. The transaction has a total equity value of approximately $3.9 billion on a fully-diluted basis. As of June 30, 2006, Symbol had approximately $200 million of net cash.

Symbol is a leader in designing, developing, manufacturing and servicing products and systems used in end-to-end enterprise mobility solutions featuring rugged mobile computing, advanced data capture, radio frequency identification (RFID), wireless infrastructure and mobility management. The company’s products and services help customers increase workforce productivity, improve customer service and enhance operational efficiencies by delivering information in real-time, as people, information and assets are on-the-move. Symbol is recognized as an industry leader in technology innovation, with a world-class product portfolio and valuable intellectual property. In addition, Symbol has a strong partner network and possesses deep domain knowledge and expertise in key verticals including retail, travel and transportation, manufacturing, wholesale distribution and healthcare.

“Everything is going digital, and everything digital is going mobile – this is especially evident in the way businesses are run today. Motorola and Symbol share the same vision of a digital, mobile world for enterprises that matches the world people enjoy at home and at play,” said Motorola Chairman and CEO, Ed Zander. “This transaction significantly advances Motorola’s enterprise mobility strategy and is consistent with our focus on building on our already strong intellectual property portfolio and extending Motorola’s seamless mobility leadership. We are confident that this transaction will create significant value for stockholders by establishing a strong presence for Motorola in attractive adjacencies with enormous potential for sustained growth.”

“We believe this is an outstanding transaction for our stockholders, associates, customers and partners,” said Sal Iannuzzi, President and CEO of Symbol Technologies. “Motorola is at the forefront of mobile communications and enterprise solutions technology, making it the ideal partner for Symbol. This combination meets our goal of delivering value to our stockholders while creating exciting future growth opportunities for Symbol’s associates and partners, and enhanced products and services for our customers. We look forward to working with the Motorola team to ensure a rapid and seamless transition.”

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