Google is selling its Motorola Mobility to Lenovo for about $3 billion.
A release from Lenovo says the two companies have entered into a definitive agreement acquiring Motorola Mobility from Google for about $2.91 billion.
The Libertyville-based division of Motorola dedicated exclusively to making smartphones, was acquired by Google for $12.5 billion in 2011.
The deal will give Lenovo control of smartphone models including the Moto X, Moto G, and DROID Ultra series, allowing Lenovo the opportunity to expand its smartphone presence in markets such as the U.S.
“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," Yang Yuanqing, chairman and CEO of Lenovo, said in a statement. “We are confident that we can bring together the best of both companies to deliver products customers will love and a strong, growing business."
Google will maintain ownership of the majority of the Motorola Mobility patent portfolio, including current patent applications, and invention disclosures, the release said. But Lenovo will receive over 2,000 patent assets, as well as the Motorola Mobility brand and trademark portfolio.
“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,” Larry Page, CEO of Google, said in a statement.
Lenovo, a $34 billion personal technology company, is the world's largest PC vendor, but has been working to move up in the smartphone realm as they are currently the fourth largest smartphone company in the world.