Scalper1 News
Under Google’s ownership, the Motorola smartphone business continued to fade. But China’s Lenovo aims to return the storied cellphone brand to prominence. Lenovo did it once before with IBM’s PC business, which it purchased in 2005. Last year, Lenovo surpassed Hewlett-Packard (HPQ) as the world’s top manufacturer of personal computers, thanks to its acquisition of IBM’s (IBM) PC business. “Lenovo has a proven track record of successfully embracing and strengthening great brands — as we did with IBM’s Think brand,” Lenovo CEO Yang Yuanqing said in a statement Wednesday. Lenovo is buying Google’s (GOOG) Motorola Mobility unit for $2.91 billion, including $660 million in cash and $750 million in Lenovo stock. The rest will be financed with a three-year promissory note for $1.5 billion. After the deal closes, Google will have an ownership stake in Lenovo of 4.6% to 5.6%. “The acquisition of such an iconic brand, innovative product portfolio and incredibly… Scalper1 News
Scalper1 News