Motorola Solutions (NYSE:MSI) said Thursday it has entered a stock purchase deal with Carl Icahn to purchase $1.16 billion of its own stock.
Motorola Solutions is purchasing roughly 23.7 million of its shares from Icahn at $49.15 each under a previous $3 billion repurchase program.
The company, which sells infrastructure and communications equipment to government and corporate customers, said board member Vincent J. Intrieri will resign as part of the transaction.
Intrieri is general partner of Icahn Enterprises LP and an Icahn Enterprises G.P. Inc. director.
Motorola split into two companies in January 2011. Motorola Mobility consists of the consumer-focused cellphone and cable set-top box operations. Motorola Solutions Inc. sells products like police radios and bar-code scanners.
Motorola Solutions' share price rose 1.70 percent to $50.27 apiece in trade on the New York Stock Exchange on Monday afternoon.
Motorola Solutions to buy $1.16 bln shares from Icahn, board member resigns
Last updated: 12:56 27 Feb 2012 EST, First published: 13:56 27 Feb 2012 EST