Lenovo Acquire Motorola for $2.91 billion

lenovo-logo-540x334Chinese smartphone manufacturer Lenovo has bought Motorola, which was previously owned by Google.

Google will retain ownership of most of Motorola’s patents, with Lenovo paying with a mixture of cash and stock.

Lenovo’s CEO Yang Yuanqing said that with the acquisition of Motorola, the company expects to sell 100 million smartphones worldwide. In 2013 Lenovo shipped an estimated 45 million smartphones, a 90% increase from 2012.

Google originally bought Motorola Mobility in 2012 for $12.5 billion, and said at the time it was mainly interested in the variety of patents that the company holds.

Lenovo has previously made efforts to break into the smartphone market, with it’s recent bid for Blackberry late last year unsuccessful.

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