Lenovo Wraps Up Deal to Buy Motorola From Google

From left, Lenovo Executive VP Liu Jun, Lenovo CEO Yang Yuanqing and Motorola Mobility COO Rick Osterloh celebrate the closing of Lenovo's acquisition of Motorola Mobility today in Chicago. (Photo by Timothy Hiatt/Getty Images for Motorola)

Lenovo Wraps Up Deal to Buy Motorola From Google

Lenovo completes its acquisition of Motorola Mobility from Google, bolstering the Chinese giant's position in the smartphone market.

WASHINGTON – Lenovo (IW 1000/114) announced Thursday it has completed its acquisition of Motorola Mobility from Google, a move strengthening the Chinese giant's position in the smartphone market.

The $2.9 billion deal, announced in January, ends Google's brief ownership of the onetime mobile phone star.

By adding Motorola, Lenovo positions itself among the top global smartphone makers behind Samsung (IW 1000/14) and Apple (IW 500/4).

Lenovo will operate Motorola as a wholly owned subsidiary, keeping the Chicago-based headquarters and adding some 3,500 employees, including 2,800 in the United States.

"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," Lenovo chairman and chief executive Yang Yuanqing said in a statement.

He hailed the partnership as a "perfect fit," adding that Motorola "brings a strong presence in the US and other mature markets, great carrier relationships, an iconic brand, a strong IP portfolio and an incredibly talented team."

In the same statement, Google CEO Larry Page said that "Motorola is in great hands with Lenovo, a company that's all-in on making great devices."

Copyright Agence France-Presse 2014

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