China's Lenovo Group said Thursday it has closed its $2.91 billion acquisition of the Motorola handset unit from Google, paving the way for a fresh assault on the U.S. smartphone market.
The purchase comes as Lenovo, the world's leading maker of PCs, ramps up its effort to diversify its business and establish itself as a smartphone-maker with global appeal.
Google acquired the smartphone brand and its prized patent portfolio in 2012 for $12.5 billion but struggled to reverse Motorola's yearslong decline. Under the Lenovo deal, Google will retain a significant portion of Motorola's patents.
Motorola, now a wholly owned subsidiary of Lenovo, will keep its headquarters in...