Computer tech giant Lenovo has finalized its acquisition of telecommunications company Motorola from Google, which was made for $29.1 billion.
The deal will have Motorola's Rick Osterloh remain the company's Mobility President and Liu Jun, executive vice president of Lenovo, become chairman of the Motorola Board, according to TechCrunch. Osterloh wrote in a Motorola blog post that despite the purchase, Motorola will operate the same as it always has.
"The iconic Motorola brand will continue, as will the Moto and DROID franchises that have propelled our growth over the past year," he wrote. "We will continue to focus on pure Android and fast upgrades, and remain committed to developing technology to solve real consumer problems. And we will continue to develop mobile devices that bring people unprecedented choice, value and quality."
Motorola will still be based out of Chicago, even though it is now a "Lenovo Company," Gizmodo reported.
The purchase was announced in January, two years after Google bought Motorola for $12.5 billion because of its interest in its patent portfolio. The search giant is now handing over the handset business due to financial issues.
Lenovo said Google will still own most of the Motorola Mobility patent portfolio, "while Motorola will receive a license to this rich portfolio of patents and other intellectual property," The Verge reported.
Lenovo CEO Yang Yuanqing said the deal will allow Lenovo to compete with Apple and Samsung in the smartphone market, TechCrunch reported.
"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," Yuanqing said.
