Lenovo Group is optimistic it can complete its deal for Motorola Mobility by year-end.
Lenovo chief executive officer Yang Yuanqing said Wednesday the $2.9 billion purchase of the smartphone maker and a separate $2.3 billion deal for part of IBM Corp.’s server business are “progressing” through the regulatory systems in the U.S. and China, Reuters reported.
Both deals are under the approval process in the two countries and they are progressing, Yang said at Lenovo’s annual general meeting in Hong Kong. We hope to complete the two deals by year-end.
The computer tech company agreed in January to buy Chicago-based Motorola Mobility from Google Inc. The price tag was a huge discount from the $12 billion Google spent to snap up the Motorola unit, reflecting the fading fortunes of the once-high-flying cellphone-maker known for the Razr and Moto X.