(Reuters) - Walkie-talkie maker Motorola Solutions Inc (MSI.N) said on Thursday it would buy Canadian security camera maker Avigilon Corp AVO.TO for C$1.2 billion ($978 million) cash.
Motorola’s offer of C$27 per Avigilon share represents a premium of 18.3 percent to Avigilon’s Thursday closing price on the Toronto Stock Exchange.
The acquisition would help expand Motorola’s portfolio with new products for commercial customers, as more cameras feed into public safety workflows, Motorola Chief Executive Greg Brown said.
Motorola also said it had sufficient resources, including cash and commercial credit facilities, to buy the Vancouver-based video surveillance and analytics company.
Motorola shares were up about 1 percent at $100.49 after the bell.
Motorola said the deal was valued at $1 billion including debt. The value of C$1.2 billion is based on Reuters calculations.
Reporting by Karan Nagarkatti in Bengaluru; Editing by Sai Sachin Ravikumar