THE SHAREHOLDERS of Motorola Mobility have given the green light to Google's proposed buyout, with 99 per cent of those that voted in favour of the deal.
Google's proposed purchase of Motorola Mobility for $12.5bn is an attempt to help both firms fight patent lawsuits by merging Motorola's considerable patent portfolio with Google's financial resources. With Motorola's shareholders approving the deal, all that is left for Google and Motorola to do is get clearance from the US Department of Justice (DoJ).
Motorola's shareholders turned out in force to vote in favour of the deal, with the firm reporting that 74 per cent of them voted and 99 per cent of those were in favour of the deal. Such high turnout and approval bodes well for the firms should the DoJ approve the merger, as such solid support should help defuse any tension caused by two large firms coming together.
Sanjay Jha, chairman and CEO of Motorola Mobility said, "We look forward to working with Google to realize the significant value this combination will bring to our stockholders and all the new opportunities it will provide our dedicated employees, customers, and partners."
Motorola reiterated that it expects to close the deal with Google early in 2012. For Google the deal cannot close too soon, as it faces legal action against the firm's Android operating system. µ