It has been confirmed that Google is selling Motorola Mobility to Lenovo for $2.91 billion. The acquisition will give Lenovo a major presence in the U.S. market.
Lenovo is said to be paying Google $2.91 billion in cash and stock. The deal sees Google keeping the majority of Motorola's patents, while Lenovo will take approximately 2,000. Google CEO Larry Page said:
"Lenovo has the expertise and track record to scale Motorola Mobility into a major player within the Android ecosystem. This move will enable Google to devote our energy to driving innovation across the Android ecosystem, for the benefit of smartphone users everywhere."
In 2012, Google initially bought Motorola Mobility for $12.5 billion.