Google sells Motorola to Lenovo for $2.91 billion

Google sells Motorola to Lenovo

Google has sold its mobile phone maker Motorola Mobility to Chinese PC manufacturer Lenovo for $2.91 billion in cash and stock options.Google had originally bought Motorola Mobility for $12.2 billion in 2012 and was reportedly losing hundreds of millions each quarter since the purchase. Lenovo will now pay $660 million in cash and $750 million in stock, while the remaining $ 1.5 billion will be paid over a three year period to Google.

In a statement, Google's 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." "GOOGLE BELIEVES LENOVO CAN TURN MOTOROLA INTO A MAJOR PLAYER WITHIN THE ANDROID ECOSYSTEM." Source: The Verge