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Zebra Pays $3.5 Billion for Motorola Tracking Technology

Zebra Technologies Corp. is buying a unit of Motorola Solutions Inc. for $3.45 billion, borrowing most of the amount for a bet on mobile-computing services for businesses that need to track employees and products.

Zebra plans to fund the deal with about $200 million of cash and $3.25 billion in new debt. That’s almost as much as Zebra itself is worth, based on yesterday’s closing stock price, which valued the company at about $3.4 billion.