Nomura Securities on Global Communications Equipment: Revisiting the Google (GOOG) / Motorola Mobility (MMI) Deal

Nomura Securities on Global Communications Equipment by Stuart Jeffrey

Jeffrey said, "Revisiting the Google (Nasdaq: GOOG) and Motorola Mobility (NYSE: MMI) deal. We do not see Google’s acquisition of MMI fundamentally changing the mobile landscape and believe press and investor fears are misplaced. We also do not see it driving OEMs away from Android or triggering further M&A. The timeline of events suggests Google’s interest was in MMI’s patents (financial terms are attractive on the basis of patents alone) and disposals of MMI’s operations makes the most sense. We see no change in mobile OS momentum and believe further M&A for vertical integration seems unlikely."

Other stocks of note: Apple (Nasdaq: AAPL), AT&T (NYSE: T), RIM (Nasdaq: RIMM), Ericsson (Nasdaq: ERIC), Nokia (NYSE: NOK), Verizon (NYSE: VZ), Motorola Solutions (NYSE: MSI), Qualcomm (Nasdaq: QCOM), and Sony (NYSE: SNE).

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