Davis Polk advised Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC, as joint book-running managers, in connection with a Rule 144A/Regulation S offering by Zebra Technologies Corporation of $1.05 billion aggregate principal amount of its 7.25% senior notes due 2022. The net proceeds from the notes offering were placed into an escrow account and, together with cash on hand and expected borrowings of $2.2 billion under a new senior secured term loan facility, will be used to finance Zebra’s $3.45 billion acquisition of Motorola Solutions, Inc.’s enterprise mobility business. The notes will be guaranteed by certain of Zebra’s domestic subsidiaries following the closing of the acquisition.  

Based in Lincolnshire, Illinois, Zebra is an industry leader in barcode and enterprise printing, asset tracking, Internet of Things solutions, and motion and location sensing. Motorola’s enterprise mobility business is an industry leader in mobile computing and advanced data capture communications technologies and services.  

The Davis Polk capital markets team included partner Michael Kaplan and associates Derek Dostal and Christopher M. Bezeg. Counsel Betty Moy Huber and associate Amy E. Turner provide environmental advice. Counsel John T. Wright provided executive compensation advice. Associates Dan Karmel and Jansen A. S. Thurmer provided intellectual property advice. Members of the Davis Polk team are based in the New York and Menlo Park offices.