Acquisitions

Lenovo Officially Closes $2.91 Billion Acquisition of Motorola Unit From Google

Lenovo Officially Closes $2.91 Billion Acquisition of Motorola Unit From Google

Lenovo Chairman and Chief Executive Officer Yang Yuanqing

Image credit: Reuters | Bobby Yip

China's Lenovo Group Ltd said Thursday it has closed its $2.91 bln acquisition of the Motorola handset unit from Google Inc, paving the way for a fresh assault on the U.S. smartphone market.

The purchase comes as Lenovo, the world's leading PC maker, ramps up its effort to diversify its business and establish itself as a smartphone maker with global appeal.

Google acquired the iconic smartphone brand and its prized patent portfolio in 2012 for $12.5 billion but struggled to reverse Motorola's years-long decline. Under the Lenovo deal, Google will retain a significant portion of Motorola's patents.

(Reporting by Gerry Shih)

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