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Lenovo has agreed to buy the Motorola handset division from Google for $2.91 billion, it was announced on Wednesday.
The deal consists of Lenovo paying for the division by coughing up $660 million in cash, $750 million in company stock and the remaining $1.5 billion through a three-year deferred payment plan, reports USA Today.
Google will keep Motorola's patent portfolio that the company had been interested in back when it bought the company three years ago. The tech company ended up paying $12.5 billion for Motorola.
According to Reuters, the sale of the mobile phone segment of the company likely signals the end of Google jumping into producing cell phones as the Internet search company struggled to turn around Motorla's fortunes.
In less than a week, Lenovo has made two large deals for U.S.-based companies. The Chinese company recently paid $2.3 billion for IBM's low-end server business. That's also the second purchase Lenovo has made with IBM as Lenovo bought the latter's personal computer division back in 2005.
image: Wikimedia Commons