Lenovo closes US $2.91 billion Motorola acquisition from Google

China's Lenovo Group Ltd announced today it has closed a US $2.91 billion acquisition of the Motorola handset unit from Google, strengthening it's foothold in the smartphone market. 

IT’S OFFICIAL: @Motorola is now a Lenovo company. Warm welcome & #HelloMoto. Details: http://t.co/G7hibbFAT1 pic.twitter.com/90JyDolZCB

— Lenovo (@lenovo) October 30, 2014

Google first got its hands on the Motorola brand and its sleek phone design in 2012 for US $ 12.5 billion but has since struggled to halt Motorola's downward spiral within the ultra-competitive smartphone industry. Under the tenets of the new deal, Google will retain a significant portion of Motorola's patent portfolio, whereas Lenovo will gain Motorola Mobility  as a subsidiary, and Motorola will receive a licence to utilise its patents.