Lenovo wraps up its deal to buy Motorola from Google

SAN FRANCISCO — Lenovo has wrapped up its acquisition of Motorola Mobility from Google as it seeks to become a global player in a smartphone market dominated by Samsung and Apple.

The $2.9 billion deal brings Motorola's portfolio of phones — including the flagship Moto X, the Droid line with Verizon Wireless and lower-end Moto G and Moto E — to Lenovo.

"We are ready to compete, grow and win in the global smartphone market," Lenovo chairman and CEO Yang Yuanqing said in a release on the announcement.

"By building a strong number three and a credible challenger to the top two in smartphones, we will give the market something it has needed: choice, competition and a new spark of innovation," he said.

Google agreed to acquire Motorola Mobility in late 2011 for $12.5 billion. In the sale to Lenovo, Google kept most of Motorola's patents and is providing Lenovo a license for that portfolio and other intellectual property.

The Motorola unit's headquarters will remain in Chicago. Motorola has around 3,500 worldwide, including about 2,800 in the U.S.