Lenovo has entered an agreement with Google under which it will acquire the Motorola Mobility smartphone business.
The purchase price is around $2.91 billion. Google will maintain ownership of the vast majority of Motorola’s portfolio, including current patent applications and invention disclosures. Lenovo will receive over 2,000 patent assets, as well as the Motorola Mobility brand and trademark portfolio.
“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.
The first flagship smartphone to be released by Motorola since being acquired by Google was the Moto X. Although it launched in the US in August 2014, it was be released in the UK on February 1st.