BREAKING NEWS: Lenovo Buys Motorola, Cut Price $2.9 Bn
Motorola has been losing considerable amounts of money, of late, and appears to have failed to keep up with rivals Samsung, or Apple.
“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.”
The deal will enable Google to devote more energy to the Android ecosystem.
However, Page insisted the deal “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.”
The deal has yet to be approved in the U.S or China.
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The company, had previously been tipped to purchase BlackBerry, recorded profits of $220 m in Q2 – up 36%, and has publicly said it aims to ramp up its smartphone business.
It is currently among the top 5 smartphone vendors, globally.
Shares rose in both Lenovo, and Google, after the announcement.