October 30, 2014 / 10:25 AM / in 4 years

Lenovo closes $2.91 billion acquisition of Motorola unit from Google

BEIJING (Reuters) - China’s Lenovo Group Ltd (0992.HK) said Thursday it has closed its $2.91 bln acquisition of the Motorola handset unit from Google Inc (GOOG.O), paving the way for a fresh assault on the U.S. smartphone market.

Lenovo Chairman and Chief Executive Officer Yang Yuanqing smiles during a news conference announcing the company's annual results in Hong Kong May 21, 2014. REUTERS/Bobby Yip

The purchase comes as Lenovo, the world’s leading PC maker, ramps up its effort to diversify its business and establish itself as a smartphone maker with global appeal.

Google acquired the iconic smartphone brand and its prized patent portfolio in 2012 for $12.5 billion but struggled to reverse Motorola’s years-long decline. Under the Lenovo deal, Google will retain a significant portion of Motorola’s patents.

Reporting by Gerry Shih

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