Yep, you are reading that title correctly. Google is acquiring Motorola Mobility for $12.5 billion in a move that was clearly made because of Moto’s massive patent portfolio. Both boards unanimously approved the decision – Google now looks to “supercharge” the Android operating system and enhance competition in the mobile space.

Notes from conference all:

Update 1: Most of the questions from media and investors on the call clearly has to do with patents and licensing – something Google or Motorola won’t give many details about, but you can tell that they are very pleased with this partnership. Moto’s some 17,000 patents greatly strengthens and helps protect Andr0id.

Update 2: And just so you know, both Larry Page and Andy Rubin have already said multiple times that Android remains open. Rubin spoke with the top 5 manufacturers yesterday and made it very clear to all of them that nothing has changed. Motorola will operate as its own company and Android will remain open to use as it has been. The idea here is that it gives Google a chance to “supercharge” the OS.

Update 3: You can view Larry Page’s comments on the acquisition here.

Update 4: Andy Rubin still expects the Nexus series to be a competition between manufacturers. Just because they own Motorola now, doesn’t mean that every new Nexus device will be from Moto. They will have to compete along with HTC, Samsung, LG, etc. to put together a phone that Google would be proud to brand as a Nexus.

Update 5: Call is over, Larry seems more-than-thrilled. As are we, Larry.

Definitely developing…