Tech giant Google Inc. is now unloading the Motorola Mobility onto the famous Chinese PC maker Lenovo.
The Google Inc has recently confirmed on their site that they have sold Motorola for $2.91 billion, and consisting of $660 million in cash and the rest $750 million in Lenovo shares, with the remaining $1.5 billion paid in the form of a special three-year promissory note. The Reuters had earlier reported on the hyped deal.
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The Lenovo gets the hold of Motorola brand, as well as to its portfolio of devices, including the Moto X and the Moto G devices. In addition to it, it will also receive more than around 2,000 patent assets, while the Google Inc. will retain the control of a majority of the patents it had originally obtained when it acquired the Motorola Mobility Inc. several years ago.
A special deal instantly gives Lenovo, which has already got a thriving smart phone business in China but also a few other places, an established global brand. Google, meanwhile, is going to shed a business which has continually dragged down its profits.
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Previously, the handset side of Motorola, however, had always been a stress point between the Google Inc. and its partners. While Google had said, it always maintained a division between their Android group and the Motorola mobile unit. Some other vendors have privately expressed an irritation that a partner was also a competitor.