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