Lenovo closes US$2.91b acquisition of Motorola unit from Google
[BEIJING] China's Lenovo Group said Thursday it has closed its US$2.91 billion acquisition of the Motorola handset unit from Google, paving the way for a fresh assault on the US smartphone market.
The purchase comes as Lenovo, the world's leading PC maker, ramps up its effort to diversify its business and establish itself as a smartphone maker with global appeal.
Google acquired the iconic smartphone brand and its prized patent portfolio in 2012 for US$12.5 billion but struggled to reverse Motorola's years-long decline. Under the Lenovo deal, Google will retain a significant portion of Motorola's patents.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
Brokers’ take: DBS cuts Venture Corp price target after Q1 earnings miss
Garmin’s Q1 results beat on strong demand for fitness, auto products
Foxconn’s musical chairs sound like punk rock
US sets up board to advise on safe, secure use of AI
Regulate AI? How US, EU and China are going about It
Meta’s results are best viewed through rose-tinted AI glasses