Motorola Receives $410 Million Payment Following Completion of Telsim Sale
SCHAUMBURG, Ill., 26 May 2006 – Motorola, Inc. (NYSE: MOT) welcomes the announcement that Vodafone has completed its acquisition of Turkish cellular phone operator, Telsim Mobil Telekomunikasyon (“Telsim").
Following completion of the transaction, Motorola received a cash payment of $410 million pursuant to an agreement previously reached to settle Motorola’s financial and legal claims against Telsim and certain other parties.
Motorola issued the following statement: “We congratulate the Turkish Savings and Deposit Insurance Fund (TMSF) and Vodafone on the successful tender and transfer of Telsim. We appreciate TMSF’s diligent efforts throughout this process to ensure a successful outcome for all parties.”
As previously announced, in October 2005, Motorola agreed to settle its financial and legal claims against Telsim and certain other parties for a cash payment of $500 million, which the company received in October 2005, plus the right to receive 20% of the proceeds from the sale of Telsim assets over $2.5 billion.
In connection with the previously announced agreement, Motorola dismissed its litigation against Telsim, as well as its demand for arbitration against the Government of Turkey at the International Center for the Settlement of Investment Disputes (ICSID) in Washington, D.C. In addition, Motorola agreed not to pursue collection efforts against certain corporate defendants under TMSF control, subject to certain conditions.
Motorola may continue its efforts, except in Turkey and certain other agreed upon countries, to enforce the judgments previously rendered on behalf of Motorola against the Uzan family for perpetrating a massive fraud against Motorola through the Uzan’s prior control of Telsim.
Motorola is known around the world for innovation and leadership in wireless and broadband communications. Inspired by our vision of Seamless Mobility, the people of Motorola are committed to helping you get and stay connected simply and seamlessly to the people, information, and entertainment that you want and need. We do this by designing and delivering “must have” products, “must do” experiences and powerful networks -- along with a full complement of support services. A Fortune 100 company with global presence and impact, Motorola had sales of US $36.8 billion in 2005. For more information about our company, our people and our innovations, please visit http://www.motorola.com .
- Contact Information
- Jennifer Weyrauch
- Media Contact
- Motorola, Inc.
- Contact via E-mail
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.