Lenovo Group and Google announced that Lenovo has formally completed the acquisition of Motorola Mobility from Google.

Lenovo will operate Motorola as a wholly-owned subsidiary, and its headquarters will continue to be located in Chicago, USA. After the completion of the acquisition, nearly 3,500 employees from all over the world will join Lenovo, including about 2,800 employees in the United States, who are responsible for designing, planning, selling and supporting Motorola products.

Through the acquisition of the Motorola brand, smartphone product portfolios such as Moto X, Moto G, Moto E and DROIDTM series, as well as Motorola’s future product planning, Lenovo is expected to become the world’s third largest smartphone manufacturer.

“Today is a historic day for Lenovo and Motorola. We are ready to win competition and achieve growth in the global smartphone market together. We will bring more choices, more competitiveness and Innovative products, while strengthening the position of the world’s third-largest smartphone manufacturer, launch a strong challenge to the top two rivals.” said Yang Yuanqing, chairman and CEO of Lenovo Group.

Liu Jun, Lenovo’s executive vice president and president of the Mobile Business Group, will serve as the chairman of Motorola’s Mobility Management Committee. Motorola senior executive Rick Osterloh will continue to serve as Motorola’s president and chief operating officer.

Lenovo Group announced the acquisition of Motorola Mobile from Google Singer for US$2.91 billion. After nearly 10 months of review, it finally announced the completion of the acquisition today.

The US$2.91 billion that Google received through this transaction includes US$660 million in cash, US$750 million in Lenovo Group stocks, and the remaining US$1.5 billion will be paid in three-year promissory notes. In addition, Lenovo has paid approximately $228 million in additional cash compensation to Google, which is mainly the cash and operating funds held by Motorola at the time of delivery.