Avigilon to be Acquired by Motorola Solutions

Valuations & Fairness Opinions
Transaction Details

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Fort Capital Partners is pleased to announce that Avigilon Corporation (TSX:AVO) (“Avigilon”) has entered into a definitive agreement under which Motorola Solutions Inc. (NYSE:MSI) will purchase Avigilon in an all-cash transaction valuing the equity of Avigilon at approximately $1.28 billion.

Under the arrangement, each Avigilon common share will be acquired for a cash purchase price of $27.00.  The purchase price represents a premium of 18.2% over the closing price of Avigilon on the TSX on January 31, and a 21.7% premium based on the 20-day VWAP of Avigilon shares.

Based in Vancouver, Avigilon designs, develops and manufactures advanced security surveillance solutions, including video analytics, network video management software and hardware, surveillance cameras, and access control solutions.  Avigilon products are used by a range of commercial and government customers including critical infrastructure, airports, government facilities, public venues, healthcare centers and retail.  The company holds more than 750 U.S. and international patents.

The transaction, which remains subject to Avigilon shareholder approval, is expected to close by the end of the second quarter of 2018.  Directors, officers, and certain shareholders of Avigilon representing approximately 12% of the Company’s outstanding shares have entered into voting support arrangements with Avigilon under which they have agreed to vote in favour of the transaction.

Morgan Stanley is acting as financial advisor to Avigilon on the transaction while Fort Capital provided advice to the Special Committee of Avigilon and delivered an opinion as to the fairness of the transaction, from a financial point of view, to shareholders of Avigilon.  Goldman Sachs is acting as financial advisor to Motorola Solutions.