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"Lenovo has bought Motorola Mobility from Google in a $2.91 billion (\u00A31.83bn) deal. Lenovo will be in charge of the Motorola brand, its patent portfolio and its line of current and future products. Google still holds the rights to the &amp;quot;vast majority&amp;quot; of the patent portfolio.  Lenovo chairman and CEO Yang Yuanqing said: &amp;quot;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.  &amp;quot;We will immediately have the opportunity to become a strong global player in the fast-growing mobile space.  &amp;quot;We are confident that we can bring together the best of both companies to deliver products customers will love and a strong, growing business.&amp;quot; Google CEO Larry Page added: &amp;quot;Lenovo has the expertise and track record to scale Motorola Mobility into a major player within the Android ecosystem. &amp;quot;This move will enable Google to devote our energy to driving innovation across the Android ecosystem, for the benefit of smartphone users everywhere.&amp;quot; Of the $2.91bn, Lenovo will pay $1.41bn at close - comprised of $660m in cash and $750m in shares - and the remaining $1.5bn will be paid over three years. Dennis Woodside, CEO of Motorola Mobility, said: &amp;quot;As part of Lenovo, Motorola Mobility will have a rapid path to achieving our goal of reaching the next 100 million people with the mobile Internet. &amp;quot;With the recent launches of Moto X and Moto G, we have tremendous momentum right now and Lenovo&amp;#039;s hardware expertise and global reach will only help to accelerate this.&amp;quot; Google, whose stock rose over 2% following the announcement, bought Motorola Mobility for $12.5 billion in August 2011.  However, Google reported a $248 million loss last quarter and less than -21% of Motorola Mobile segment revenues. "^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.digitalspy.com/tech/news/a547615/lenovo-buys-motorola-from-google-for-291-billion/>