Lenovo has today announced that they have purchased the Motorola Mobility subsidiary from Google for $2.91 billion, giving the Motorola brand, patent portfolio and the line of current and future Motorola products to Lenovo, which it says it will use in order to turn itself into a stong global competitor in the smartphone market, however Google will still maintain ownership of the “vast majority” of the Motorola Mobility patent portfolio, including current patent applications and invention disclosures.

Lenovo will be paying the $2.91 billion purchase price with $1.41 billion being paid at the close of the deal, comprised of $660 million in cash and $750 million in Lenovo ordinary shares, the remaining $1.5 billion will be paid in the form of a three-year promise.

“The acquisition of such an iconic brand, innovative product portfolio and incredibly talented global team will immediately make Lenovo a strong global competitor in smartphones. We will immediately have the opportunity to become a strong global player in the fast-growing mobile space,” said Yang Yuanqing, chairman and CEO of Lenovo. “We are confident that we can bring together the best of both companies to deliver products customers will love and a strong, growing business.”

“Lenovo has the expertise and track record to scale Motorola Mobility into a major player within the Android ecosystem,” said Larry Page, CEO, Google. “This move will enable Google to devote our energy to driving innovation across the Android ecosystem, for the benefit of smartphone users everywhere.”

“As part of Lenovo, Motorola Mobility will have a rapid path to achieving our goal of reaching the next 100 million people with the mobile Internet,” said Dennis Woodside, CEO, Motorola Mobility. “With the recent launches of Moto X and Moto G, we have tremendous momentum right now and Lenovo’s hardware expertise and global reach will only help to accelerate this.”

Lenovo also mentioned that they will use the Motorola brand in North America, Latin America and Europe as an entrance from China, be they wouldn’t say if they were sure the majority of the Motorola manufacuring would stay in the US, stating that it will look at what’s most effective.

Yuanqing said that they want to eventually sell 100 million smartphones a year.

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