Motorola has had a good run as its own company. They literally invented the mobile phone. But, as of late, they haven't been doing so well and Google has been courting them for some time. The deal has finally closed over seas in China, which is the last place that was holding back approval of the acquisition. Google has acquired MMI for $40.00 per share in cash which totals near $12.5 billion.
The CEO of Motorola Mobility has stepped down and Google has replaced them with one of their own. Dennis Woodside, formerly President of the Americas region for Google, will step up and become Motorola's next CEO. Google will continue to run Motorola as a separate company as well as keeping Android an open operating system.
Larry Page, CEO of Google, said:
I'm happy to announce the deal has closed. Motorola is a great American tech company, with a track record of over 80 years of innovation. It's a great time to be in the mobile business, and I'm confident that the team at Motorola will be creating the next generation of mobile devices that will improve lives for years to come.
Sanjay Jha, who was responsible for building the company and placing a big bet on Android, has stepped down as CEO. I would like to thank him for his efforts and am tremendously pleased that he will be working to ensure a smooth transition as long-time Googler Dennis Woodside takes over as CEO of Motorola Mobility.
I've known Dennis for nearly a decade, and he's been phenomenal at building teams and delivering on some of Google's biggest bets. Dennis has always been a committed partner to our customers and I know he will be an outstanding leader of Motorola--and he's already off to great start with some very strong new hires for the Motorola team.
Dennis Woodside, CEO of Motorola Mobility, said: "Motorola literally invented the entire mobile industry with the first-ever commercial cell phone in 1983. Thirty years later, mobile devices are at the center of the computing revolution. Our aim is simple: to focus Motorola Mobility's remarkable talent on fewer, bigger bets, and create wonderful devices that are used by people around the world."
Dennis Woodside has already hired a small number of leaders who will join Motorola's executive team. Many of Motorola's people will also continue working for Motorola. Woodside added: "Motorola Mobility has many outstanding leaders, including people who were behind the original RAZR in 2004 and recent successes like the Droid and RAZR MAXX. Our colleagues joining the team come from varied backgrounds, from DARPA to Amazon and NVIDIA, but they all share a track record of leading innovation at speed, and a great deal of excitement about the mission ahead."