Lenovo to buy Google's Motorola for $2.9B

Jan 29, 2014, 11:44 PM EST
A general view of atmosphere as actor Ashton Kutcher named Lenovo product engineer and launches Yoga Tablet at YouTube Space LA on October 29, 2013 in Los Angeles, California.
AFP/Getty Images

Google said Wednesday it agreed to sell its Motorola business for almost $3 billion to China's Lenovo Group, a major strategy shift that gets the Internet search giant out of the business of manufacturing smartphones. Google shares rose 2.6% to $1,136 in after-hours trading on optimism that the company is shedding a business that has dragged on its earnings. Motorola lost more than $1 billion in the year ended Sept. 30 as revenue slumped 34%.
Google agrees to sell Motorola to Lenovo for $2.9 billion [USA Today]
Google sells handset business to Lenovo [WSJ]
China's Lenovo to buy Motorola Mobility for nearly $3 billion [Chicago Tribune]