Friday, 2 June 2006

Motorola to Buy TTP Communications for 103 Mln Pounds

Motorola Inc. has agreed to buy Britain’s TTP Communications, a software developer for 3G applications, for 103 million pounds. Under the terms of the offer Motorola, through a wholly-owned subsidiary, will acquire TTPCom for 45 pence per share in cash.

"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.

Motorola noted that it has received irrevocable undertakings to accept the offer with respect to a total of 62,228,592 TTPCom shares, representing, in aggregate, approximately 27.61% of TTPCom’s existing share capital.

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 about 575 employees.

TTP also posted a pretax loss from continuing operations of 27 million pounds for the year ended March 31, down from a profit of 4 million pounds a year earlier.