Google has agreed to sell its Motorola Mobility division to Lenovo, marking a rapid retreat after less than two years in the handset business.
The deal values the business at $2.91bn in cash, stock and deferred payments, the companies said, and is set to leave Google with a stake of around 5 per cent in the Chinese hardware maker.
Google’s $12.5bn acquisition of Motorola in May 2012 marked the high point in the smartphone patent bubble, as the internet company raced to make up for a shortage of intellectual property that had left its Android mobile ecosystem vulnerable to legal attack.
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