Google is selling its Motorola Mobility cell phone unit to China’s Lenovo Group for $2.91 billion — less than two years after it paid $12.5 billion for the company.
“This move will enable Google to devote our energy to driving innovation across the Android ecosystem, for the benefit of smartphone users everywhere,” said Google chief Larry Page in a statement Wednesday.
Analysts said that the deal did not represent much of a loss for Google, since it will keep the majority of Motorola’s patents. It also pocketed $2.9 billion of Motorola’s cash when it originally acquired the company.