Google is reportedly nearing a deal to sell Motorola's phone division to Lenovo, a move that would give the Chinese smartphone manufacturer a major presence in the US market. News of the potential acquisition comes from both Reuters and China Daily, with both reporting that the acquisition could be announced within a matter of hours. Reuters reports that the deal is worth close to $3 billion, a number corroborated by China Daily's report that the deal will be worth over $2 billion. Lenovo will reportedly use a mixture of cash and stock to finance the deal.
Google initially bought Motorola Mobility for $12.5 billion back in 2012, but it said at the time that it was mainly interested in its patent portfolio. Now, it appears that Google is offloading its handset business, which has been losing hundreds of millions each quarter since the purchase. Though Reuters reports that Lenovo's purchase will include some patents, it appears that the acquisition focuses primarily on the device unit.
Though Google will reportedly be hanging onto Motorola's patents, those patents haven't been as helpful as Google had initially hoped.
(Via TheVerge)
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