Ina Fried

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Motorola Mobility Shareholders Approve Acquisition by Google

Motorola Mobility said late on Thursday that 99 percent of shares, voting at a special meeting earlier in the day, were in favor of the company’s deal to be acquired by Google.

The company said it is working quickly to complete the deal but, given regulatory filings and other approvals still needed, it will probably be early 2012 before the deal can close. Motorola had said earlier that the deal should close late this year or early next year.

Google is paying $40 per share, or a total of $12.5 billion, for the company.

“We are pleased and gratified by the strong support we have received from our stockholders, with more than 99 percent of the voting shares voting in support of the transaction,” CEO Sanjay Jha said in a statement. “We look forward to working with Google to realize the significant value this combination will bring to our stockholders and all the new opportunities it will provide our dedicated employees, customers, and partners.”

Last month, the company said in a filing that it was cutting 5 percent of its workforce.

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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work