Lenovo and Google have announced the completion of Lenovo’s acquisition of Motorola Mobility from Google.
[blockquote right=”pull-right”]The total purchase price from Google at close was approximately $2.91 billion and the transaction which has satisfied all regulatory requirements and customary closing conditions will see Lenovo operate Motorola as a wholly-owned subsidiary. [/blockquote]
The acquisition of the Motorola brand and Motorola’s portfolio of innovative smartphones like Moto X, Moto G, Moto E and the DROID series, as well as the future Motorola product roadmap will position Lenovo as the world’s third largest maker of smartphones, according to the Chinese device maker.
The total purchase price from Google at close was approximately $2.91 billion and the transaction which has satisfied all regulatory requirements and customary closing conditions will see Lenovo operate Motorola as a wholly-owned subsidiary.
“Today we achieved a historic milestone for Lenovo and for Motorola – and together we are ready to compete, grow and win in the global smartphone market. By building a strong number three and a credible challenger to the top two in smartphones, we will give the market something it has needed: choice, competition and a new spark of innovation,” said Yang Yuanqing, chairman and CEO, Lenovo. “This partnership has always been a perfect fit. Lenovo has a clear strategy, great global scale, and proven operational excellence. Motorola brings a strong presence in the U.S. and other mature markets, great carrier relationships, an iconic brand, a strong IP portfolio and an incredibly talented team. This is a winning combination.”
“Motorola is in great hands with Lenovo, a company that’s all-in on making great devices,” said Larry Page, CEO, Google.
According to Lenovo, Google will maintain ownership of a majority of the Motorola Mobility patent portfolio, while Motorola will receive a license to this portfolio of patents and other intellectual property. Motorola will retain over 2,000 patent assets and a large number of patent cross-license agreements, as well as the Motorola Mobility brand and trademark portfolio.