Lenovo Closes on $2.91 Billion Motorola Buy From Google

Lenovo completed its acquisition of Motorola Mobility from Google (see 1401310060) for $2.91 billion, including $660 million in cash, stock and a $1.5 billion three-year promissory note, the companies said Thursday. Lenovo will operate Motorola as a subsidiary that will stay headquartered in Chicago, it said. Google will continue to own most of the Motorola Mobility patent portfolio, but Motorola Mobility under Lenovo’s ownership will control more than 2,000 "patent assets" and a "large number of patent cross-license agreements," plus the Motorola Mobility brand and trademarks, they said.