October 30, 2014
Lenovo and Google today announced that Lenovo’s acquisition of Motorola Mobility from Google has been finalized.
The acquisition of the Motorola brand and Motorola Mobility portfolio of innovative smartphones such as the Moto X, Moto G, Moto E and the DROIDTM Series, as well as Motorola’s future product schedule, positions Lenovo as the third largest smartphone maker in the world. world.
Lenovo will operate Motorola as a wholly owned subsidiary, maintaining its headquarters in Chicago. As this sale closes, Lenovo welcomes a new product company, with nearly 3,500 colleagues worldwide (about 2,800 in the United States), who design, build, sell and support Motorola’s amazing devices.
“Today we achieved a historic milestone for Lenovo and Motorola, and together we are ready to compete, grow and win in the global smartphone market. By becoming a powerful No. 3 and a credible challenge to the top two in smartphones, we are giving the market something it was needing: choice, competition and a new spark of innovation, “said Yang Yuanqing, Lenovo President and CEO. «This society has always been a perfect match. Lenovo has a clear strategy, incredible global scale, and proven operational excellence. Motorola brings a strong presence in the United States and other mature markets, excellent carrier relationships, an iconic brand, a strong IP portfolio, and an incredibly talented team of people. It’s a winning combination. “
“Motorola is in good hands with Lenovo, a company that has a strong dedication to making great equipment,” said Larry Page, Google CEO.
Liu Jun, Executive Vice President of Lenovo’s Mobile Business Group, will serve as Motorola’s Chairman of the Board. Rick Osterloh, a Motorola veteran, will remain as Motorola’s President and Chief Operating Officer.
“Motorola has already built solid momentum in the market and its recent results show that consumers are excited about its beautiful products, which are distinguished by design and simplicity,” said Liu Jun, Executive Vice President of Lenovo’s Mobile Business Group. “With the complementary strengths of both companies, we expect to sell more than 100 million mobile devices this year, including smartphones and tablets, leveraging the leadership of the Lenovo brand in the China market, our shared momentum in emerging markets and the strong presence from Motorola in mature markets such as the United States. “
Motorola is already experiencing tremendous momentum in the market, led by successful new product launches and pioneering innovations, which have delivered strong growth. Beyond smartphones, the Moto 360 watch has captured the attention of consumers and established Motorola as an expanding company within the emerging mobile device areas. As previously stated, Lenovo expects to make Motorola’s business profitable in 4-6 quarters.
Google will retain ownership of the majority of Motorola Mobility patents, while Motorola will receive a license to this broad portfolio of patents and other intellectual property. Motorola will retain more than 2,000 patent assets and a large number of patent cross-licensing agreements, as well as the Motorola Mobility brand and trademark.
The total purchase price was approximately US $ 2,910 million (subject to certain post-closing adjustments), including approximately US $ 660 million in cash and 519,107,215 newly issued common shares of Lenovo, with a total value of US $ 750 million, representing approximately 4.7 percent of Lenovo’s shares, which were transferred to Google at closing. The remaining $ 1.5 billion will be paid to Google by Lenovo in the form of a three-year promissory note. Separate cash compensation of approximately $ 228 million was paid by Lenovo to Google for the cash and working capital held by Motorola at closing.
The transaction has met all regulatory requirements and customary conditions, including the approval of the competent authorities in the United States, China, the European Union, Brazil and Mexico, and the United States Foreign Investment Committee (CFIUS, for its acronym in English). This is the fifth time Lenovo has been approved by CFIUS to acquire a US company.
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