Lenovo to Buy Google’s Motorola Unit for $2.91 Billion

Lenovo Group Ltd. agreed to buy Google Inc.'s Motorola Mobility phone unit for $2.91 billion, as the world’s largest personal computer maker continues a buying spree of U.S. technology businesses. Lenovo fell 8 percent.

The sale includes $1.41 billion in cash and Lenovo stock paid at the close of the deal, with $1.5 billion to be paid in a three-year promissory note, Google said in a statement yesterday. Google will retain a majority of Motorola Mobility’s patent portfolio, with Lenovo receiving a license to the intellectual property.

“This fits perfectly with the strategy we have pursued for a couple of ...