Lenovo to Buy Motorola From Google
After owning Motorola Mobility for just 18 months, Google is selling the smartphone business to Lenovo for $2.91 billion. Google had bought the company in early 2012 for $13 billion.
"The smartphone market is super competitive, and to thrive it helps to be all-in when it comes to making mobile devices. It’s why we believe that Motorola will be better served by Lenovo—which has a rapidly growing smartphone business and is the largest (and fastest-growing) PC manufacturer in the world," Google CEO Larry Page said in a blog post.
"This move will enable Google to devote our energy to driving innovation across the Android ecosystem, for the benefit of smartphone users everywhere. As a side note, this does not signal a larger shift for our other hardware efforts. The dynamics and maturity of the wearable and home markets, for example, are very different from that of the mobile industry. We’re excited by the opportunities to build amazing new products for users within these emerging ecosystems."