Lenovo officially swallowed up Motorola Mobility today putting the final touches on a $2.91 billion acquisition, which brought the Motorola portfolio of devices to the Lenovo fold. The Chinese computer maker is looking beyond the computer space as they dig their heels in the mobile space as well.

Motorola was recently in the news for having produced the soon-to-be Droid Turbo, which will pack some of the strongest specifications the market has seen in a smartphone to date. And the Lenovo chairman and CEO Yang Yuanqing had very pointed remarks in a statement after announcing the finalization of the deal. “We are ready to compete, grow and win in the global smartphone market.”

He said, “By building a strong number three and a credible challenger to the top two in smartphones, we will give the market something it has needed: choice, competition and a new spark of innovation.” Innovation is something that consumers will believe when they see it. Widely, consumers have been left with a back-and-forth battle between Apple and Samsung – with which Samsung has never actually competed with Apple in launch hype or sales numbers.

Google-Motorola Lenovo

That being said, Lenovo stands a serious threat to make up ground on two companies that both saw losses in market share in the most recent third quarter figures. In 2011, Google acquired Motorola Mobility for $12.5 billion, but noted that they would be better served, and so would the brand itself, being passed on to another company willing to fully-enter the smartphone space.

Before the acquisition Lenovo ranked 4th in the global sales category for smartphones. The acquisition is definitely something that will be helping the company moving forward, especially given their relationship with Google, and the fact that Samsung has been struggling so vocally over the last several months, and even years.

Xiaomi was the Chinese smartphone maker who raised a lot of eyebrows gaining the 3rd spot in global sales, after third quarter results were released – but that was before this acquisition was finalized. Now, the two will have switched – but either way that shows the challenges that are facing Google and Apple if they want to continue moving forward in the smartphone space.