Moto to Buy TTPCom

Motorola acquires TTPCom, provider of wireless software platforms, protocol stacks, and semiconductor

June 1, 2006

2 Min Read

SCHAUMBURG, Ill. -- Motorola, Inc. (NYSE: MOT - News) today announced that it has reached agreement on the terms of a cash offer for the acquisition of TTP Communications plc (LSE: TTC - News; "TTPCom"). Under the terms of the offer Motorola, through a wholly-owned subsidiary, will acquire TTPCom for 0.45 pounds per share in cash. TTPCom's Directors intend to unanimously recommend that TTPCom shareholders accept the offer.

The offer values the entire existing issued and to be issued share capital of TTPCom, at 103 million pounds, assuming the exercise of all outstanding options which carry an exercise price of less than 0.45 pounds per share. The transaction is subject to regulatory and other customary conditions. TTPCom, based in Cambridge, England, is focused on the three core areas of mobile phone technology -- applications, protocols, and silicon. The TTPCom business was founded in 1988 and has approximately 575 employees.

"TTPCom is a leader in wireless software platforms, protocol stacks and semiconductor solutions and is a highly complementary addition to Motorola's technology portfolio," said Ron Garriques, President, Motorola's Mobile Devices business. "We already have a strong relationship with TTPCom and look forward to continuing momentum TTPCom has built with its customers and partners across the mobile industry. We welcome the employees of TTPCom to Motorola and look forward to a quick and seamless integration upon closing."

Dr. Tony Milbourn, Chief Executive Officer of TTPCom, will continue to lead TTPCom's engineering, product development, product support and product management. TTPCom will remain headquartered in Cambridge, England under the direction of Rob Shaddock, Chief Technology Officer of Motorola's Mobile Devices Group.

"This is an outstanding transaction for our company and we look forward to taking our solutions to the next level as part of Motorola," said Dr. Milbourn. "Motorola is a global leader in mobile devices, making it the ideal partner for TTPCom. This combination creates exciting future growth opportunities for TTPCom, our customers and our employees and we look forward to joining the Motorola team."

Motorola Inc. (NYSE: MOT)

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