Google today confirmed the sale of its Motorola smartphone division to Lenovo. The deal was completed for $2.91 billion. Interestingly, Google had bought Motorola for $12.5 billion only two years, making the recent decision rather strange.
Speaking on the news, Google CEO Larrge Page said, "The smartphone market is super competitive, and to thrive it helps to be all-in when it comes to making mobile devices," said Page. "It’s why we believe that Motorola will be better served by Lenovo–which has a rapidly growing smartphone business and is the largest (and fastest-growing) PC manufacturer in the world."
Motorola had only recently begun dipping into the smartphone business once again with two affordable devices in Moto G and Moto X. Page says that both the devices are "doing really well", and that Google had retained "the vast majority of Motorola's patents."