Lenovo Completes Deal to Buy Motorola From Google for $2.9 Billion

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Chinese computer giant Lenovo officially completed their deal to purchase mobile phone company Motorola from Google on Thursday for $2.9 billion.

“Today we achieved a historic milestone for Lenovo and for Motorola —¬†and together we are ready to compete, grow and win in the global smartphone market,” Lenovo CEO Yang Yuanqing said in a statement. “By building a strong number three and a credible challenger to the top two in smartphones, we will give the market something it has needed: choice, competition and a new spark of innovation.”

Google will remain the owner of most of Motorola’s patent portfolio, however, and Lenovo will just get a license to use those patents.

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