ANKARA
The China-based technology giant Lenovo finalized Thursday the purchase of Motorola Mobility from Google for $2.91 billion.
Lenovo will pay Google $660 million in cash, $750 million in Lenovo stock and $1.5 billion in a 3-year interest-free promissory note, the company said in a statement on Thursday.
Lenovo will acquire 100 percent of Motorola Mobility, a company with 30 years of operating history in the mobile industry, including its mobile device business and approximately 3,500 technical and other resources across 33 locations globally.
The Chinese company said it will acquire Motorola's broad product portfolio covering the premium Moto X and Droid series to value segments like Moto G, licenses to a rich portfolio of mobile patents and ownership of over 2,000 additional patents.
“We will be a wholly owned subsidiary of Lenovo and remain headquartered in Chicago’s Merchandise Mart,” Motorola President and Chief Operating Officer Rick Osterloh said.
“The iconic Motorola brand will continue, as will the Moto and DROID mobile phone franchises that have propelled our growth over the past year,” he added.
Lenovo shipped 16.9 million smartphones in the third quarter of 2014, a 38 percent increase from the 12.9 million units that it shipped in the same period of the previous year, consultant International Data Corporation said in a report on Wednesday.
Lenovo is the fourth largest smartphone vendor in the world with 5.2 percent of market share, according to the report. Now the company has more than 8 percent of global market share, including Motorola's 3 percent global market share, according to data from researcher Strategy Analytics.
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