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Lenovo acquired Motorola Mobility smartphone business from Google for about $2.91 billion.

Motorola, a Google Lenovo company. Yes! That’s right, Google Inc. (NASDAQ:GOOG) is selling out Motorola Mobility to Lenovo (ADR: LNVGY) for $2.91 billion, after losing nearly $10 billion in less than three years.

The deal initially announced by Reuters as the agreement is close to end that was confirmed a few hours later by Google. The transaction will be completed with $1.41 billion ($660 million in cash and $750 million in Lenovo ordinary shares) at the end while remaining $1.5 billion will be paid within next three years. After the formal announcement, Google Inc. shares bounced back in the market with a +2.47%-1.43%.

In a press release, the search engine giant congratulated Lenovo on an immediate leap into the U.S. market and Latin America, after holding a strong PC business. The deal covers the MOTOROLA brand as well as its all current products including the future smartphones. In addition, Lenovo will also receive more than 2000 patent assets.

After unloading the burden, Google will now dedicate its resources to the Android ecosystem, and this approach also strengths the anticipation of closure of the Nexus brand.

“Lenovo has the expertise and track record to scale Motorola Mobility into a major player within the Android ecosystem. This move will enable Google to devote our energy to driving innovation across the Android ecosystem, for the benefit of smartphone users everywhere,” said Larry Page, CEO, Google.

In 2011, Google purchased the smartphone business of Motorola for about $12.5 billion and during this time, the results of the acquisition were extremely sterile, even though, the Moto G and the Moto X couldn’t justify further investment. And finally, Google has preferred to take a step back in their strategies and decided to monetize the residual business for about $3 billion.

Yang Yuanqing, CEO of Lenovo seems evidently confident to do better than Google. He hoped that they would be able to take advantage of the new assets, introducing new products in the market shouting “Hello Moto!”

Recently, Lenovo has also acquired the low-end servers division from IBM for a total value of $2.3 billion. In the recent weeks, the Chinese company had done major restructuring into four business units: Enterprise, Software, PC and now Smartphone.

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