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Motorola Mobility becomes part of the Lenovo Officially

Discussion in 'General Technology News and Discussion' started by Manish Patel, Oct 30, 2014.

  1. Manish Patel

    Manish Patel New Member Staff Member Team FR

    Today, Today, Motorola Mobility becomes part of the Lenovo family of companies, as the $2.91 billion acquisition that was announced in January earlier this year has been completed.

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    "The iconic Motorola brand will continue, as will the Moto and DROID franchises that have propelled our growth over the past year. We will continue to focus on pure Android and fast upgrades, and remain committed to developing technology to solve real consumer problems."

    posted Rick Osterloh, Motorola President on a company blog.

    The total acquisition cost is approximately US$2.91 billion, including approximately US$660 million in cash and 519,107,215 newly issued ordinary shares of Lenovo stock, with an aggregate value of US$750 million, representing about 4.7 percent of Lenovo’s shares outstanding, which were transferred to Google at close. The remaining US$1.5 billion will be paid to Google by Lenovo in the form of a three-year promissory note. A separate cash compensation of approximately US$228 million was paid by Lenovo to Google primarily for the cash and working capital held by Motorola at the time of close, states an official press statement from Lenovo.
     

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