|By Business Wire
|January 29, 2014 06:40 PM EST
Lenovo (HKSE: 992) (ADR: LNVGY) and Google (NASDAQ: GOOG) today have
entered into a definitive agreement under which Lenovo plans to acquire
the Motorola Mobility smartphone business. With a strong PC business and
a fast-growing smartphone business, this agreement will significantly
strengthen Lenovo’s position in the smartphone market. In addition,
Lenovo will gain a strong market presence in North America and Latin
America, as well as a foothold in Western Europe, to complement its
strong, fast-growing smartphone business in emerging markets around the
The purchase price is approximately US$2.91 billion (subject to certain
adjustments), including US$1.41 billion paid at close, comprised of
US$660 million in cash and US$750 million in Lenovo ordinary shares
(subject to a share cap/floor). The remaining US$1.5 billion will be
paid in the form of a three-year promissory note.
Lenovo, which in 2005 acquired IBM’s PC business and its legendary PC
brand, will now acquire world-renowned Motorola Mobility, including the
MOTOROLA brand and Motorola Mobility's portfolio of innovative
smartphones like the Moto X and Moto G and the DROIDTM Ultra
series. In addition to current products, Lenovo will take ownership of
the future Motorola Mobility product roadmap.
Google will maintain ownership of the vast majority of the Motorola
Mobility patent portfolio, including current patent applications and
invention disclosures. As part of its ongoing relationship with Google,
Lenovo will receive a license to this rich portfolio of patents and
other intellectual property. Additionally Lenovo will receive over 2,000
patent assets, as well as the Motorola Mobility brand and trademark
Motorola Mobility enjoys outstanding brand awareness around the world,
and is currently the #3 Android smartphone manufacturer in the U.S. and
#3 manufacturer overall in Latin America.
“The acquisition of such an iconic brand, innovative product portfolio
and incredibly talented global team will immediately make Lenovo a
strong global competitor in smartphones. We will immediately have the
opportunity to become a strong global player in the fast-growing mobile
space,” said Yang Yuanqing, chairman and CEO of Lenovo. “We are
confident that we can bring together the best of both companies to
deliver products customers will love and a strong, growing business.
Lenovo has a proven track record of successfully embracing and
strengthening great brands – as we did with IBM’s Think brand – and
smoothly and efficiently integrating companies around-the-world. I am
confident we will be successful with this process, and that our
companies will not only maintain our current momentum in the market, but
also build a strong foundation for the future.”
“Lenovo has the expertise and track record to scale Motorola Mobility
into a major player within the Android ecosystem. This move will enable
Google to devote our energy to driving innovation across the Android
ecosystem, for the benefit of smartphone users everywhere,” said Larry
Page, CEO, Google.
“As part of Lenovo, Motorola Mobility will have a rapid path to
achieving our goal of reaching the next 100 million people with the
mobile Internet. With the recent launches of Moto X and Moto G, we have
tremendous momentum right now and Lenovo’s hardware expertise and global
reach will only help to accelerate this,” said Dennis Woodside, CEO,
The transaction is subject to the satisfaction of regulatory
requirements, customary closing conditions and any other needed
Lenovo (HKSE: 992) (ADR: LNVGY) is a US$34 billion personal technology
company – the largest PC maker worldwide and an emerging PC Plus leader
– serving customers in more than 160 countries. Dedicated to
exceptionally engineered PCs and mobile internet devices, Lenovo’s
business is built on product innovation, a highly-efficient global
supply chain and strong strategic execution. Formed by Lenovo Group’s
acquisition of the former IBM Personal Computing Division, the Company
develops, manufactures and markets reliable, high-quality, secure and
easy-to-use technology products and services. Its product lines include
legendary Think-branded commercial PCs and Idea-branded consumer PCs, as
well as servers, workstations, and a family of mobile internet devices,
including tablets and smart phones. Lenovo, a global Fortune 500
company, has major research centers in Yamato, Japan; Beijing, Shanghai
and Shenzhen, China; and Raleigh, North Carolina. For more information
About Motorola Mobility
Motorola Mobility, a Google company, creates mobile devices and wireless
accessories that simplify, connect and enrich people’s lives. For more
information, visit motorola.com/mobility
Google is a global technology leader, focused on improving ways people
connect with information. Google’s innovations in web search and
advertising have made its website a top Internet property and its brand
one of the most recognized in the world.
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