Subscribe to Entrepreneur for $5
Subscribe

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

By
This story originally appeared on Reuters

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.

Reuters | Bobby Yip
Lenovo Chairman and Chief Executive Officer Yang Yuanqing

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)

Entrepreneur Editors' Picks