BusinessNewsSpotlight

Official : Lenovo Acquires Motorola Mobility For $2.91Billion

 


Lenovo has announced the acquisition of Motorola Mobility from google. This agreement will see lenovo pay Google $2.91 billion, including $660 million in cash and $750 million in newly issued Lenovo stock. The remaining $1.5 billion will be paid to Google in the form of a three-year promissory note.

Motorola Acquires Lenovo

Starting today , Motorolla will operate as a subsidiary of lenovo company. Lenovo will take over Motorola’s brand and smartphone portfolio, around 3,500 employees (most of them in the US), as well as some of Motorola’s patents and patent licenses. Google, however, will keep “a majority” of Motorola’s patent portfolio. Rich Osterloh will also continue to lead Motorola as President and CEO, and the company will keep its Chicago headquarters.

Speaking on this acquisition , The CEO and Chairman of Lenovo , Yang Yuanqing has this to say ;

“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”

The CEO of google , Larry page , also added that ;

“Motorola is in great hands with Lenovo, a company that’s all-in on making great devices,”

We can recall that Google paid a staggering $12.5 billion for Motorola back in 2011.

viaBusinesswire and Droidauthority

Tags
Show More

Mr Android

I just love Android. The love I have for any device that has Android as its operating system knows no bound. Keep following my gists all the time on this websites and other platforms you will get to see me. :)

Related Articles

4 thoughts on “Official : Lenovo Acquires Motorola Mobility For $2.91Billion”

Leave a Reply

Your email address will not be published. Required fields are marked *

Close

Adblock Detected

Please consider supporting us by disabling your ad blocker