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Google Set to Buy Motorola for £7.6bn.
15 Aug 2011
Google has agreed to purchase smartphone business Motorola Mobility for $12.5bn (£7.6bn), giving the company a major foothold in the mobile handset and tablet markets. The search engine giant will pay a 63 per cent premium to Motorola’s closing share price on Friday, amounting to $40 per share.
Motorola Mobility, already a partner of Google, will remain a separate business and Android will continue being open platform. Google Chief Executive, Larry Page, said: “"Motorola Mobility's total commitment to Android has created a natural fit for our two companies. "Together, we will create amazing user experiences that supercharge the entire Android ecosystem for the benefit of consumers, partners and developers.” The move will bring Google into direct competition with Apple and HTC, who currently own a large share of the mobile market. However, Google will be inheriting around 17,000 patents, which commentators say could give Android a significant boost. The transaction is expected to close at the end of this year or early 2012.