SCHAUMBERG, Ill. – Carl Icahn and some of his affiliates sold the majority of their holdings in Motorola Solutions Inc for $1.17 billion, just over a year after the activist investor pushed Motorola Inc to split into two.
Icahn, who first invested in Motorola Inc. in early 2007, made a windfall after Motorola Mobility — the spin-off that makes cellphones and TV set-top boxes — was acquired by Google Inc for $12.5 billion last August.
On Thursday, Motorola Solutions said it bought back about 23.7 million shares at $49.15 a share, under an existing $3 billion stock repurchase program.
Shares of the company closed at $49.43 on Friday on the New York Stock Exchange.
According to a regulatory filing, Carl Icahn and some of his affiliates owned about 38.3 million shares of Motorola Solutions, or about 12 percent of the company, as of Dec. 31.
As part of the transaction, director Vincent Intrieri, a general partner of Icahn Enterprises L.P., agreed to resign from Motorola’s board.