GOOGLE TO BUY MOTOROLA MOBILITY
16 Aug, 2011
Google set to buy Motorola Mobility for $12.5bn
Law firms, Cleary Gottlieb Steen & Hamilton, Wachtell Lipton Rosen & Katz and Dewey & LeBoeuf have landed lead advisory roles in the deal which will see internet giant, Google buy Motorola Mobility for $12.5bn.
The deal has been unanimously approved by the boards of both companies, according to a joint statement, and the deal is expected to be completed by the end of 2011 or the beginning of 2012, although it is still subject to shareholder and regulatory approval.
The statement also said that the deal would enable Google to ‘supercharge’ its Android operating system.
Google has confirmed that it will run Mobility as a separate business, and the Chief Executive of the search engine provider, Larry Page said: “Motorola Mobility’s total commitment to Android has created a natural fit for our two companies.”
Sanjay Jha, Chief Executive of Motorola Mobility, said: “This transaction offers significant value for [our] stockholders and provides compelling new opportunities for our employees, customers and partners around the world.”