Icahn to acquire massive chunk of Motorola

NEW YORK (CNNMoney.com) -- Carl Icahn and his group Icahn Partners are planning to acquire between $120 and $500 million of Motorola's outstanding stock, sending shares in the communications company higher after hours.

His other ventures, Icahn Partners Master Fund and Icahn Partners Master Fund II, are each filing to acquire in excess of $500 million but less than 25 percent of Motorola's total outstanding stock.

Billionaire activist investor Carl Icahn

Shares of Motorola (Charts) jumped 2.6 percent after hours Wednesday after closing at $18.52 on the New York Stock Exchange.

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