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Motorola gets new $1B investment from Silver Lake

Private equity firm Silver Lake Partners will make a new $1 billion investment in Motorola Solutions Inc. and settle its outstanding $800 million aggregate principal investment one year ahead of its maturity.

Under the terms of the investment, Silver Lake will purchase $1 billion of 1.75% convertible senior unsecured notes due 2024. The notes will have an initial conversion price of $203.50 per share, subject to customary anti-dilution and other adjustments, and will mature in September 2024 unless earlier repurchased, redeemed or converted.

In connection with the issuance of the 2024 notes, Silver Lake and Motorola will settle outstanding $800 million of 2.00% convertible senior unsecured notes due 2020. Motorola Solutions will pay Silver Lake about $1.1 billion in cash and issue roughly 5.5 million shares, which is fewer than the second quarter diluted share count that assumed settlement of the full premium for the 2020 notes in shares, according to a Sept. 5 news release.

Egon Durban and Greg Mondre, managing partners and managing directors of Silver Lake, will remain on Motorola's board.

Goldman Sachs & Co. LLC was financial adviser to Motorola, and Wachtell Lipton Rosen & Katz was Motorola's legal adviser in the transactions. Simpson Thacher & Bartlett was Silver Lake's legal adviser.