Lenovo closes $2.91 billion acquisition of Motorola unit from Google

Reuters
Lenovo Chairman and Chief Executive Officer Yang Yuanqing smiles during a news conference announcing the company's annual results in Hong Kong May 21, 2014. REUTERS/Bobby Yip

BEIJING (Reuters) - China's Lenovo Group Ltd <0992.HK> said Thursday it has closed its $2.91 bln acquisition of the Motorola handset unit from Google Inc , paving the way for a fresh assault on the U.S. smartphone market. The purchase comes as Lenovo, the world's leading PC maker, ramps up its effort to diversify its business and establish itself as a smartphone maker with global appeal. Google acquired the iconic smartphone brand and its prized patent portfolio in 2012 for $12.5 billion but struggled to reverse Motorola's years-long decline. Under the Lenovo deal, Google will retain a significant portion of Motorola's patents. (Reporting by Gerry Shih)