Motorola Mobility officially becomes part of Lenovo today. Lenovo’s acquisition was announced back in February for $2.91 billion, and today marks the finalization of the deal. Motorola is now "a Lenovo company," but the brand will remain as a subsidiary of Lenovo, headquartered in Chicago. "The iconic Motorola brand will continue, as will the Moto and DROID franchises that have propelled our growth over the past year," explains Rick Osterloh, Motorola president. "We will continue to focus on pure Android and fast upgrades, and remain committed to developing technology to solve real consumer problems."

Google's sale of Motorola was met with surprise when the search giant revealed its plans earlier this year. Google initially bought Motorola Mobility for $12.5 billion back in 2012, but it said at the time that it was mainly interested in the company's patent portfolio. Now, Google is offloading its subsidiary's handset business, which has been losing hundreds of millions since the purchase. "Google will maintain ownership of a majority of the Motorola Mobility patent portfolio, while Motorola will receive a license to this rich portfolio of patents and other intellectual property," says Lenovo. Google itself doesn't have anything new to say about the deal. "Motorola is in great hands with Lenovo, a company that’s all-in on making great devices," says Google CEO Larry Page.