Lenovo Welcomes Motorola: $2.9 Billion Acquisition Complete

Motorola is now officially a part of Lenovo Group. Google and Lenovo announced today that the $2.9 billion acquisition of Motorola Mobility has been completed. Starting today, the iconic company, Motorola, is a fully owned subsidiary of Lenovo.

While Lenovo has been one of the top ranked smartphone vendors worldwide, its acquisition of Motorola should be seen as a part of well calculated strategy.

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Lenovo Welcomes Motorola: $2.9 Billion Acquisition Complete

Lenovo has also confirmed it will operate Motorola as a wholly-owned subsidiary with the company's HQ to remain in Chicago.

"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," said Yang Yuanqing

"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."

Originally announced on January 29, 2014, the takeover will see Lenovo taking over Motorola's brand and smartphone portfolio, around 3,500 employees, as well as some of Motorola's patents and patent licenses.

Google, however, will keep a majority of Motorola's patent portfolio. Just for the reminder, Google paid a whopping $12.5 billion for Motorola back in 2011.

Motorola recently launched the Nexus 6 in partnership with Google. Just a day back, the Moto G maker officially unveiled the Droid Turbo smartphone in the U.S.

Earlier this year, Motorola made a comeback with back-to-back hits in the form of the Moto E and Moto E. Later the handset manufacturer unleashed the new Moto G, alongside the second-gen Moto X and the Moto 360 - its first ever smartwatch. All those devices have been received positive feedback from critics and consumers alike.

Lenovo recently said it will be India's 3rd largest smartphone once the process to takeover Motorola Mobility from Google gets over.

Stay tuned to GizBot for more updates!

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