Motorola Pleased With Successful Telsim Asset Sale
SCHAUMBURG, Ill., 13 December 2005 – Motorola, Inc. (NYSE: MOT) today issued the following statement regarding the sale of the assets of Turkish cellular phone operator Telsim Mobil Telekomunikasyon (“Telsim”) to Vodafone for $4.55 billion.
“We congratulate the Turkish Savings and Deposit Insurance Fund (TMSF) and Vodafone on today’s successful tender for Telsim. The efforts of the TMSF Chairman, his team and Telsim’s management should be well recognized in this outcome.”
As previously announced, on 28 October 2005, Motorola reached an agreement to settle its financial and legal claims against Telsim and the TMSF. Under the agreement, Motorola settled its claims for a cash payment of $500 million plus the right to receive 20% of the proceeds from the sale of Telsim assets over $2.5 billion. Accordingly, upon completion of the sale of Telsim assets Motorola is entitled to receive an additional cash payment of approximately $410 million.
Motorola is a Fortune 100 global communications leader that provides seamless mobility products and solutions across broadband, embedded systems and wireless networks. In your home, auto, workplace and all spaces in between, seamless mobility means you can reach the people, things and information you need, anywhere, anytime. Seamless mobility harnesses the power of technology convergence and enables smarter, faster, cost-effective and flexible communication. Motorola had sales of US $31.3 billion in 2004. For more information: www.motorola.com.
Statements in this press release that are not historical facts, including statements about the proposed sale of Telsim assets and the future payment to Motorola, are forward-looking statements based on current expectations that involve risks and uncertainties. Motorola cautions the reader that the following factors could cause Motorola’s actual results to differ materially from those stated in the forward-looking statement: Motorola may not receive all or a portion of the additional cash because the sale of Telsim assets does not occur or the parties to the settlement agreement previously entered into to settle Motorola’s financial and legal claims against Telsim and the TSMF may not fully perform.
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- Jennifer Weyrauch
- Motorola, Inc.
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