Lenovo Buys Motorola Mobility From Google For $2.91 Billion
In what will probably end up being the most random buyout of the year, Lenovo has bought Motorola Mobility from Google for $2.91 billion. Google will maintain ownership of Motorola’s patent trove, which Lenovo will license.
“The acquisition of such an iconic brand, innovative product portfolio and incredibly talented global team will immediately make Lenovo a strong global competitor in smartphones. We will immediately have the opportunity to become a strong global player in the fast-growing mobile space,” said Yang Yuanqing, chairman and CEO of Lenovo. “We are confident that we can bring together the best of both companies to deliver products customers will love and a strong, growing business.”
Google bought Motorola back in 2012 for $12.5 billion, and the smartphone maker has since released the flagship Moto X to little fanfare. Lenovo is based in China and is currently the top PC vendor in the world, according to IDC.