Motorola Solutions, Inc. (NYSE:MSI) reached an agreement to acquire IndigoVision Group plc (AIM:IND) from group of shareholders for £29.7 million on March 17, 2020. Motorola Solutions, Inc. agreed to acquire shares at £4.05 per share. The transaction will be funded from the existing cash resources of Motorola Solutions.

The transaction will be implemented by way of a court sanctioned scheme. Post-completion, IndigoVision will be delisted. Upon completion, it is expected that Non-Executive Directors of IndigoVision will resign.

Pedro Simoes and Chris Lea, the Executive Director of IndigoVision, will retain a role within Motorola Solutions. IndigoVision will continue to operate from its current headquarter. The transaction is subject to customary closing conditions for a UK public transaction and approval from 75% of the shareholders of IndigoVision and sanction of the scheme by court.

IndigoVision's Directors intend to unanimously recommend IndigoVision's shareholders to vote in favor of transaction. Motorola Solutions received an irrevocable undertaking to vote in favor of transaction from approximately 60% of IndigoVision's shareholders. As per announcement of May 11, 2020, IndigoVision Group plc has gained its shareholder approval at its general and court meeting.

As of May 28, 2020, the court hearing is scheduled on June 12, 2020. As of June 12, 2020, the scheme is sanctioned by court. The transaction is expected to complete by the end of May 2020.

As of May 28, 2020, the effective date of the scheme is June 16, 2020. Lauren Kettle, Ben Farrow and Amanda Gray of Nplus1 Singer Advisory LLP acted as financial advisors and Shepherd and Wedderburn LLP acted as legal advisor to IndigoVision Group. Winston & Strawn LLP acted as legal advisor while Stuart Andrews, Marc Milmo and Kate Washington of FinnCap Ltd. acted as financial advisors for Motorola Solutions.