Google is making a deal that will dump Motorola Mobility on Lenovo’s doorstep in exchange for $3 billion going into Google’s pocket. The deal comes less than two years after the search and Android giant bought Motorola for $12.5 billion.
Engadget reports that Google has confirmed the deal which will see Motorola Mobility change hands for $2.91 billion.
Lenovo will reportedly use cash, stock, and deferred payments to finance the deal. Google purchased Motorola in 2012 for $12.5 billion, and has allowed the company to operate under the Motorola banner.
Lenovo isn’t currently a major player in the U.S. smartphone market, but has made strides in other markets where its low-cost offerings are attractive to consumers.