(The Hosting News) – Lenovo officially closed its $2.91 billion deal of Motorola from Google last week, bringing another 3,500 employees to its company.
“Lenovo has a clear strategy, great global scale, and proven operational excellence,” said Lenovo chairman and CEO Yang Yuanqing. “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.”
According to USA Today, the deal gives Lenovo all of Motoroloa’s smartphones, including the popular Moto X, G, and E. The company noted that with the finalization of this deal, it wold become the world’s third best selling smartphone maker.
Lenovo will pay $660 million in cash, 519 million Lenovo shares, and a $1.5 billion promissory note.