It's official: Motorola and Lenovo finally tie the knot, the $2.9 billion deal with Google is complete at long last

Almost ten months after it was announced that Google has decided to part with Motorola Mobility and sell it to Lenovo for $2.91 billion ($660 million in cash, $750 million of ordinary Lenovo shares, and a three-year promissory note worth $1.5 billion), the acquisition deal between the smartphone makers has been finally completed. Motorola and all of its 3,500 employees around the world are now part of Lenovo.

This was announced by Lenovo in a press release, which details the main strengths of Motorola and its not-so-large, yet more than adequate portfolio that comprises noteworthy device lines like the G, X, E, and DROID families. Just as expected, Motorola will be a wholly-owned subsidiary, its CEO Rick Osterloh will keep his executive position, and the company's HQ will 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," said Yang Yuanqing, the current CEO and chairman of Lenovo. "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.” 

As per Lenovo, this acquisition will will allow the new conglomerate to stir the current state of affairs on the smartphone market. Just yesterday, it became clear that Lenovo might have already lost a place or two in the global leader board as Xiaomi continues its onward crusade and is now the third largest smartphone maker as a whole.

“Motorola is in great hands with Lenovo, a company that’s all-in on making great devices.”

Motorola's “built solid momentum” will surely aid Lenovo in its quest for even better financial results and higher sales. Thus, the China-based owner of Moto hopes that it will sell more than 100 million devices this year, because of its “shared momentum in emerging markets, and Motorola’s strong foothold in mature markets like the U.S.“

Apart from the vast portfolio of patents, the Motorola-made Google Nexus 6 is another precious parting gift that Motorola gave to the Mountain View search giant. Oh, and let's not forget about that long-promised new Motorola tablet!

Liu Jun, president of Lenovo, Yang Yuanqing, Lenovo Chairman and CEO, and Rick Osterloh, President and COO of Motorola, announce the completion of the acquisition