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Motorola confirms General Instrument takeover

Published on .

Schaumburg, Ill.--Motorola Wednesday confirmed that it has agreed to buy General Instrument Corp., Horsham, Pa., in a stock deal valued at $11 billion. The pact gives Motorola, a telecommunications and semiconductor manufacturer and marketer, greatly expanded reach into the broadband marketplace. Under the terms of the deal, each General Instrument share would be exchanged for .575 share of Motorola. Motorola said that Edward Breen, General Instrument's CEO, would head up a new Motorola unit dedicated to interactive broadband access.
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