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Banks vie for $1bn IPO spin-off from Motorola

Goldman Sachs, JP Morgan and Citigroup are in pole position to win the lucrative mandate of managing the initial public offering (IPO) of Motorola's semi-conductor business, SPS.

Motorola, the US telecoms equipment maker, hopes to spin-off its semi-conductor business through an IPO, the company said on Monday. The deal is set to be a big fee winner for the investment banks that win the mandate.

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