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China’s Lenovo to buy Motorola Mobility for nearly $3 billion

China’s Lenovo to buy Motorola Mobility for nearly $3 billion

China’s Lenovo to buy Motorola Mobility for nearly $ 3 billion
News from Chicago Tribune:

Chicago Tribune business editor Michael Lev talks about how the sale of Motorola Mobility to the Chinese company Lenovo will impact the Chicago economy.

Motorola Mobility, the Libertyville-based cellphone-maker with a longtime Chicago pedigree, will have Chinese ownership under a deal announced Wednesday.

    Google, which owns Motorola Mobility, said it will sell the smartphone business for $ 2.91 billion to Lenovo, giving one of China’s most prominent technology companies a broader foothold in the United States.

    Motorola — which invented the commercial cellular phone — was the industry leader and innovator as recently as a decade ago, but over time the company fell behind more nimble competitors such as Apple. The sale to Lenovo is another reminder of that lost promise, just as it reflects the rising ambition and wealth of Chinese corporations.

    Lenovo gained notice in 2005, when it bought IBM’s PC business, and it has continued to grow as a global company. Last week Lenovo said it would buy IBM’s low-end server business for $ 2.3 billion.

    In the Motorola deal, Lenovo will get the Motorola brand and products, including the Moto X and Moto G, and it will gain access to the company’s patents. Lenovo, which ranks fifth globally in handset sales, sees the Motorola deal as a way to make quick headway into U.S……………. continues on Chicago Tribune

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Google selling Motorola phone business to Lenovo for $ 2.9 billion
News from Times of India:

SAN FRANCISCO: Google is selling Motorola’s smartphone business to Lenovo for $ 2.9 billion, a price that makes Google’s biggest acquisition look like its most expensive mistake.

The deal announced on Wednesday will rid Google Inc. of a financial headache that has plagued the internet company since buying Motorola Mobility for $ 12.4 billion in 2012. Motorola has lost nearly $ 2 billion since Google took over, while trimming its workforce from 20,000 to 3,800.

Google had previously recovered some of the money that it spent on Motorola by selling the company’s set-top operations last year to Arris Group Inc. for $ 2.35 billion. Google is also keeping most of the patents that came with the Motorola purchase.

It’s unclear if Google will have to absorb a charge to account for the difference between what it paid for Motorola Mobility and what it is getting back. The Mountain View, California, company may address the issue Thursday wh…………… continues on Times of India

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