(Telecompaper) Lenovo will acquire Google's Motorola Mobility smartphone business in a USD 2.91 billion deal. The consideration includes USD 1.41 billion paid at close, comprised of USD 660 million in cash and USD 750 million in Lenovo ordinary shares, while the remaining USD 1.5 billion will be paid in the form of a three-year promissory note. The acquisition includes the Motorola brand and Motorola Mobility's portfolio of smartphones while Google will maintain ownership of the vast majority of the Motorola Mobility patent portfolio. As part of its ongoing relationship with Google, Lenovo will receive a licence to this portfolio of patents and other intellectual property. The transaction is subject to the satisfaction of regulatory requirements and customary closing conditions.