At the end of January word spread quickly that Lenovo would be buying Motorola Mobility from Google. All parties in the mater had worked out the deal and shook hands, but it isn’t quite that simple. It had to be approved by various government agencies and all that before it would officially change hands. This morning Lenovo had a media call to announce that the acquisition of Motorola was complete.
“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. 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,†said Yang Yuanqing, chairman and CEO, Lenovo. “This partnership has always been a perfect fit. Lenovo has a clear strategy, great global scale, and proven operational excellence. Motorola brings a strong presence in the U.S. and other mature markets, great carrier relationships, an iconic brand, a strong IP portfolio and an incredibly talented team. This is a winning combination.â€
“Motorola is in great hands with Lenovo, a company that’s all-in on making great devices,†said Larry Page, CEO, Google.
The final numbers close the purchase at approximately #2.91 billion. That includes approximately $660 million in cash and 519,107,215 in newly issued ordinary shares of Lenovo stock with a value of $750 million. The remaining $1.5 billion will be paid over 3-years to Google.
What are your thoughts? Are you excited for the future of Motorola and Lenovo?
