Motorola completes split with NYSE listing
Motorola will today complete its separation as Motorola Mobility – the firm’s handset business - shares go public on the NYSE.
The business will list on-schedule using the ticker code MMI, as Motorola seeks to stem a flow of losses from its handset unit.
Motorola Mobility has an estimated market cap of around $9 billion (€6.7 billion).
Motorola Solutions, which will focus on devices such as public safety radios and handheld scanners, will use the code MSI.
Both entities have already begun public trading on a when-issued basis, which helps investors determine the opening price before official listing.
Motorola Mobility's when-issued price has grown 25% since the start of trading, WSJ.com reported, while Motorola Solutions shares have fallen by around 6.5%.
Shareholders including activist investor Carl Icahn have pressured Motorola to spin-off its loss making handset unit for several years.
Motorola Mobility CEO Sanjay Jha last month warned the handset company is likely to report a loss in its maiden quarter due to competitive pressures.
Meanwhile, the sale of the bulk of Motorola’s wireless infrastructure business to Nokia Siemens for $1.2 billion has been delayed by Chinese officials. The vendor hoped to conclude the deal before today’s split, but now expects clearance by end 1Q.