- Reuters and China Daily both report Lenovo (LNVGY) is set to buy Motorola Mobility's phone unit from Google (GOOG). The former says the price tag is close to $3B; the latter says it's "at least" $2B. China Daily says the deal will be announced tomorrow morning in Beijing.
- Motorola Mobility has been bleeding share and (in spite of huge job cuts) posting big losses since Google's 2011 acquisition, as products such as the Moto X and Moto G fail to produce a turnaround in the face of stiff high-end competition from Samsung and Apple, and stiff low-end competition from a slew of Asian OEMs (including Lenovo).
- Google has already sold Motorola's set-top/cable infrastructure unit to Arris for $2.35B. The company will presumably hold onto Motorola's sizable mobile patent portfolio.
- Investors are pleased, GOOG +1.2% AH. Q4 results are due tomorrow.
Reports: Google selling Motorola phone unit to Lenovo
Jan 29 2014, 16:19 ET