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Google is selling Motorola Mobility to Lenovo. According to the release from Levono, the deal will cost them $2.91 billion.

From the release:
Lenovo (HKSE: 992) (ADR: LNVGY) and Google (NASDAQ: GOOG) today have entered into a definitive agreement under which Lenovo plans to acquire the Motorola Mobility smartphone business. With a strong PC business and a fast-growing smartphone business, this agreement will significantly strengthen Lenovo's position in the smartphone market. In addition, Lenovo will gain a strong market presence in North America and Latin America, as well as a foothold in Western Europe, to complement its strong, fast-growing smartphone business in emerging markets around the world.
Lenovo's acquisition also includes the Moto X, Moto G, and the Droid Ultra series. Google will retain the majority of Motorola's patents. The search giant bought Motorola back in August 2011. Will Lenovo be able to bring back Motorola's mojo?