(Reuters) - Walkie-talkie and radio systems maker Motorola Solutions Inc (MSI.N) has received $1 billion in investment from private equity firm Silver Lake, the New York Times reported.
Motorola hopes Silver Lake will help accelerate its transition from selling only radios that police officers, fire departments and other emergency workers use, to a broader emergency communications platform, the newspaper reported.
The investment, a so-called private investment in public equity, or PIPE, is in the form of debt that can be converted into common stock.
Two top Silver Lake executives, Egon Durban and Greg Mondre, will join Motorola’s board as part of the deal Motorola plans to announce on Wednesday, the newspaper said.
Motorola had split into two companies in 2009, separating its mobile phone unit from the rest of the business, when it was under pressure from billionaire investor Carl Icahn.
Motorola and Silver Lake could not immediately be reached for comments outside regular U.S. business hours.
Reporting by Rama Venkat Raman in Bengaluru; Editing by Anupama Dwivedi