Lenovo finalises $2.9 billion Motorola acquisition

Motorola is now officially part of Lenovo, after the acquisition announced back in February was finalised earlier today.

The $2.91 billion deal (£1.8 billion) means that the Motorola brand has now become a subsidiary of Lenovo, but will remain based in Chicago.

Read more: A closer look at the reasons why Lenovo acquired Motorola, and why Google offloaded it

Rick Osterloh, Motorola president, reasserted that the Motorola brand, along with the Moto and DROID franchises will continue despite the sale.

"We will continue to focus on pure Android and fast upgrades, and remain committed to developing technology to solve real consumer problems," he said.

Google's decision to sell Motorola was largely met with surprise among industry experts, the search engine giant having only purchased the firm in 2012. At the time, Google revealed that the decision to acquire the company for $12.5 billion (£7.8 billion) was taken primarily to gain the firm's patent portfolio.

"Google will maintain ownership of a majority of the Motorola Mobility patent portfolio, while Motorola will receive a license to this rich portfolio of patents and other intellectual property," Lenovo confirmed.

Google CEO Larry Page welcomed the takeover stating, "Motorola is in great hands with Lenovo, a company that's all-in on making great devices."

Lenovo, which already holds the title of the world's best selling PC maker, added that the acquisition now made it the world's third best selling smartphone manufacturer, behind Apple and Samsung.

Read more: Lenovo: PC champions who are now reaping the benefits

The Chinese firm has sought to reassure Motorola employees concerned about the company's future that there will not be any job cuts.