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Google sells Motorola Mobility unit to Lenovo for $3bn Google sells Motorola Mobility unit to Lenovo for $3bn
(35 minutes later)
Google has sold Motorola Mobility to Chinese computer maker Lenovo for $2.91bn (£1.8bn), in a surprise move.Google has sold Motorola Mobility to Chinese computer maker Lenovo for $2.91bn (£1.8bn), in a surprise move.
Google bought the struggling US mobile phone company for $12.5bn in 2012 - its largest acquisition to date. Google bought the struggling US mobile phone company for $12.5bn in 2012.
Google will keep several lucrative patents, including the Android smartphone and tablet software. Lenovo picks up about 2,000 Motorola patents and its phone manufacturing operations.Google will keep several lucrative patents, including the Android smartphone and tablet software. Lenovo picks up about 2,000 Motorola patents and its phone manufacturing operations.
Google said the smartphone market is "super competitive", in a statement. In a statement, Google said the smartphone market is "super competitive".
"We believe that Motorola will be better served by Lenovo," Google added."We believe that Motorola will be better served by Lenovo," Google added.
Acquisition spree
The purchase of Motorola was Google's largest acquisition and it signalled a growing effort by the search giant to enter the hardware business.
Motorola Mobility created the Moto X and Moto G phones.Motorola Mobility created the Moto X and Moto G phones.
This is the second big acquisition for Lenovo in recent days. Despite the sale, Google chief executive Larry Page insisted in a blog post: "This does not signal a larger shift for our other hardware efforts."
The deal with Lenovo comes on the heels of an acquisition spree for Google.
In January, it snapped up DeepMind, a UK firm focused on artificial intelligence, and bought military robot-maker Boston Dynamics in December.
But Lenovo has also been out spending: this is the second big acquisition for the computer firm in recent days.
Last week, the Chinese computer manufacturer announced it had acquired IBM's low-end server business for $2.3bn.Last week, the Chinese computer manufacturer announced it had acquired IBM's low-end server business for $2.3bn.
Global ambitions
In announcing Wednesday's purchase, Lenovo touted the strength of Motorola's brand, which has been revived in recent years with Google's help.
"The acquisition of such an iconic brand, innovative product portfolio and incredibly talented global team will immediately make Lenovo a strong global competitor in smartphones," said Yang Yuanqing, chief executive of Lenovo, in a statement.
"We will immediately have the opportunity to become a strong global player in the fast-growing mobile space," he added.
He also noted the acquisition gives Lenovo an entry into the North American and Latin American markets, as well as a toehold in Western Europe.
The transaction must still be approved by US and Chinese regulators.