Google to buy Motorola Mobility for $12.5 Billion
Tuesday, 16 August 2011, 15:36 IST
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Google to buy Motorola Mobility for $12.5 Billion
Washington: Google Monday announced that it has agreed to buy Motorola Mobility Holdings Inc. for about $12.5 billion, the largest purchase for the Internet search giant that will allow it to compete directly with other mobile phone makers, Xinhua reported. Google said that it will acquire Motorola Mobility for $40 per share in cash, or a total of about $12.5 billion, a premium of 63 percent to the closing price of Motorola Mobility shares last Friday. The transaction was unanimously approved by the boards of directors of both companies and is expected to close by the end of 2011 or early 2012, subject to regulatory approvals and other closing conditions. Google noted that the acquisition of Motorola Mobility, a dedicated partner of its Android mobile operating system, will enhance competition in mobile computing. Motorola Mobility will remain a licensee of Android and Android will remain open, Google said, adding that it will run Motorola Mobility as a separate business. "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," Larry Page, Google's CEO, said in a statement. "We have shared a productive partnership with Google to advance the Android platform, and now through this combination we will be able to do even more to innovate and deliver outstanding mobility solutions across our mobile devices and home businesses," said Sanjay Jha, CEO of Motorola Mobility.
Source: IANS
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