2011/11/18

Motorola Mobility stockholders back sale to Google

SAN FRANCISCO, November 18, 2011 (AFP) - Motorola Mobility stockholders on Thursday overwhelmingly endorsed selling the company to Google in a deal valued at $12.5 billion.

Approximately 99 percent of the votes cast at a special meeting of stockholders were in favor of the takeover, according to Motorola Mobility.

"We are pleased and gratified by the strong support we have received from our stockholders," said Motorola Mobility chief executive Sanjay Jha.

"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," he added.

The US Justice Department has asked for more time to review the acquisition but Google expected it would get a green light from regulators. Motorola Mobility expected the takeover to be completed by the middle of next year.