Lenovo’s acquisition of the Motorola Mobility business from Google has been completed, nine months after the $2.91 billion (£1.8 billion) deal was first announced.
It means Lenovo is now the world’s third largest producer of smartphones, with a portfolio that includes the ‘Moto’ and ‘Droid’ brands, and is responsible for almost 3,500 new employees.
The Motorola mobile business will be operated by Lenovo as a wholly-owned subsidiary and will keep its headquarters in Chicago.
Yang Yuanqing, Lenovo’s chairman and CEO, said “Today we achieved a historic milestone for Lenovo and for Motorola – and together we are ready to compete, grow and win in the global smartphone market. By building a strong number three and a credible challenger to the top two in smartphones, we will give the market something it has needed: choice, competition and a new spark of innovation. This partnership has always been a perfect fit. Lenovo has a clear strategy, great global scale, and proven operational excellence. 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.”
Motorola veteran Rick Osterloh, who was appointed as the company’s president and chief operating officer in April, will remain in his role.