OREANDA-NEWS. Lenovo and Google announced today that Lenovo's acquisition of Motorola Mobility from Google is complete.

The acquisition of the Motorola brand and Motorola's portfolio of innovative smartphones like Moto X, Moto G, Moto E and the DROIDTM series, as well as the future Motorola product roadmap, positions Lenovo as the world's third largest maker of smartphones.

Lenovo will operate Motorola as a wholly-owned subsidiary. Motorola's headquarters will remain in Chicago. With the completion of the acquisition, Lenovo welcomes the addition of a new portfolio company with nearly 3,500 employees around the world - including about 2,800 in the U.S. - who design, engineer, sell and support Motorola's outstanding devices.

"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."

"Motorola is in great hands with Lenovo, a company that's all-in on making great devices," said Larry Page, CEO, Google.

Liu Jun, Lenovo executive vice president and president of Lenovo's Mobile Business Group, is chairman of the Motorola Management Board. Rick Osterloh, a Motorola veteran, will remain president and chief operating officer of Motorola.

The total purchase price at close was approximately US\\$2.91 billion (subject to certain post-close adjustments), including approximately US\\$660 million in cash and 519,107,215 newly issued ordinary shares of Lenovo stock, with an aggregate value of US\\$750 million, representing about 4.7 percent of Lenovo's shares outstanding, which were transferred to Google at close. The remaining US\\$1.5 billion will be paid to Google by Lenovo in the form of a three-year promissory note.  A separate cash compensation of approximately US\\$228 million was paid by Lenovo to Google primarily for the cash and working capital held by Motorola at the time of close.

The transaction has satisfied all regulatory requirements and customary closing conditions, including clearance by competition authorities in the U.S., China, EU, Brazil and Mexico, and by the Committee on Foreign Investment in the United States (CFIUS). This is the fifth time since 2005 Lenovo has been cleared by CFIUS to acquire a U.S. business.