Zebra Technologies and Motorola Solutions announced they have entered into a definitive agreement in which Zebra will acquire Motorola’s Enterprise business for $3.45 billion in an all-cash transaction. The acquisition will be funded through a combination of cash on hand and new debt. The transaction is expected to be completed by the end of 2014.

Zebra said it expects to fund the transaction with approximately $200 million of available cash on hand and a fully underwritten financing commitment of $3.25 billion for the debt component from Morgan Stanley.

Morgan Stanley is serving as financial adviser to Zebra. Kirkland & Ellis is serving as legal advisor to Zebra.

Goldman Sachs and J.P. Morgan Securities are serving as financial advisers to Motorola in connection with this transaction. Winston & Strawn is serving as legal adviser to Motorola. Wachtell, Lipton, Rosen & Katz is serving as legal adviser to the Motorola Board of Directors.