Motorola Solutions Inc., which split in two a year ago following pressure from investors led by Carl Icahn, said it bought $1.17 billion of its stock from the billionaire investor and some of his affiliates.
As part of the transaction, Vincent J. Intrieri, a director of Icahn Enterprises G.P. Inc., has agreed to resign from the board, Schaumburg, Illinois-based Motorola Solutions said today in a statement.
The company purchased 23.7 million of its common stock at $49.15 apiece, as part of Motorola Solutions’ $3 billion buyback program.
Shares of the maker of radio equipment for emergency workers and scanning devices for retailers fell 0.2 percent to $49.43 on Feb. 24.
© Copyright 2014 Bloomberg News. All rights reserved.