Lenovo has finalized its $2.9 billion acquisition for Motorola from Google, as the Chinese tech company hopes to expand its smartphone offerings. Lenovo said it plans to make Motorola profitable in four to six quarters, while trying to break the stranglehold on the smartphone market currently held by Samsung and Apple.
Lenovo has done exceptionally well when purchasing assets from other companies, including IBM's low-end server and PC/laptop business - and purchasing Motorola provides the company with the flagship Moto X, Verizon Wireless Droid lineup, Moto G and Moto E.
"We are ready to compete, grow and win in the global smartphone market," said Yang Yuanqing, Lenovo chairman and CEO. "By building a strong number three and credible challenger to the top two in smartphones, we will give the market something it has needed: choice, competition and a new spark of innovation."