Lenovo completes acquisition of Motorola mobility from Google

Lenovo Group, the world's biggest personal computer maker, said Thursday it has fully acquired Motorola's mobile business, making Lenovo world's third largest smartphone maker.

In the 2.9 billion U.S.dollar deal, Lenovo took over the Motorola brand and Motorola's portfolio of innovative smartphones like Moto X, Moto G and Moto E series, as well as the future Motorola product roadmap, said Lenovo in a press release.

Lenovo will run Motorola as a wholly-owned subsidiary. Motorola's headquarters will remain in Chicago. After the acquisition, nearly 3,500 employees worldwide, including about 2,800 in the U.S., will join Lenovo.

Liu Jun, Lenovo executive vice president and president of Lenovo's Mobile Business Group, is chairman of the Motorola Management Board. Rick Osterloh will remain president and chief operating officer of Motorola.

Google will maintain ownership of a majority of the Motorola Mobility patent portfolio while Motorola will receive a license to this rich portfolio of patents and other intellectual property.

With the complementary strengths of the two companies, Lenovo expects to sell more than 100 million mobile devices this year, including smartphones and tablets, said Liu.