In the deal, Lenovo will pay US$660 million in cash, US$750 million in Lenovo shares, and US$1.5 billion within a three-year term.
Previously, Google was forced to buy-back Motorola for US$12.5 billion to acquire thousands of Motorola's patents in an effort to secure Android from its rival's suit. Google still holds the majority of Motorola's patents after it was sold to Lenovo.
Motorola CEO Dennis Woodside, said that the acquisition provides opportunities for Motorola to access a wider market.
"As part of Lenovo, Motorola Mobility will have a rapid path to achieving our goal of reaching the next 100 million people with the mobile Internet," he said on Thursday, January 29, 2014.
Google co-founder Larry Page, said in a leaked memo that Motorola is better off with Lenovo because smartphone market is competitive and a large amount of energy is needed to manage it.
Another reason that triggers the acquisition is supposedly Motorola's poor sales performance. In the fourth quarter of 2013, Motorola suffered a US$248 million losses.
On the other hand, the acquisition is expected to boost Lenovo's popularity, enabling the brand to compete with Apple and Samsung.
Source ; Tempo
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