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When Motorola Mobility President Rick Osterloh said Tuesday that the Lenovo deal was nearly done, he wasn’t kidding.

Lenovo officially completed its $2.9 billion deal with Google early Thursday.

“Today we achieved a historic milestone for Lenovo and for Motorola — and together we are ready to compete, grow and win in the global smartphone market,” Lenovo CEO Yang Yuanqing said in a statement. “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.”

Osterloh will remain in his role, with Motorola remaining a wholly owned subsidiary with its headquarters in Chicago.

“Lenovo has a huge China business, a great business throughout the Asia-Pacific and Europe,” Osterloh said during his appearance at Code/Mobile on Tuesday. “Right away, Motorola will be all over the world. It will double the number of countries today.”

Google, meanwhile, retains ownership of the bulk of Motorola’s patent portfolio, with Lenovo getting a license to the patents. Some 2,000 patents and a large number of patent cross-licensing deals will go with Motorola to Lenovo.