Lenovo’s $2.9 Billion Purchase of Motorola Officially Closed Today

Lenovo's $2.9 Billion Purchase of Motorola Officially Closed Today(Ping! Zine Web Tech Magazine) –  Lenovo’s $2.91 billion acquisition of Motorola from Google has officially been closed today, adding another 3,500 employees to the company.

“Lenovo has a clear strategy, great global scale, and proven operational excellence,” said Lenovo chairman and CEO Yang Yuanqing.  “Motorola brings a strong presence in the U.S. and other mature markets, great carrier relationships, an iconic brand, a strong IP portfolio and an incredibly talented team.  This is a winning combination.”

According to USA Today, the deal gives Lenovo all of Motoroloa’s smartphones, including the Moto X, G, and E.

Lenovo will pay $660 million in cash, 519 million Lenovo shares, and a $1.5 billion promissory note.