SCHAUMBURG, Ill. (AP) — Motorola Solutions Inc. is buying about $1.17 billion of its stock back from billionaire investor Carl Icahn.
The company, which sells communications equipment to government and corporate customers, also said Monday that board member Vincent Intrieri will resign as part of the transaction. Intrieri is general partner of Icahn Enterprises LP.
Motorola Solutions is purchasing approximately 23.7 million of its shares from Icahn at $49.15 apiece under an existing $3 billion repurchase program.
Icahn is known for buying and shaking up struggling companies, with mixed success.
Motorola Solutions is based in Schaumburg, Ill.