Lenovo Group said on Wednesday it agreed to purchase Google Inc's Motorola handset division for $2.91 billion, in what is China's largest-ever tech deal as Lenovo buys its way into a heavily competitive U.S. handset market dominated by Apple Inc .It is Lenovo's second major deal on U.S. soil in a week as the Chinese electronics company angles to get a foothold in major global computing markets. Lenovo last week said it would buy IBM's low-end server business for $2.3 billion.The deal ends Google's short-lived foray into making consumer mobile devices and marks a pullback from its largest-ever acquisition. Google paid $12.5 billion for Motorola in 2012. Under this deal the search giant will keep the majority of Motorola's mobile patents, considered its prize assets.Shares of Google climbed 2.6 percent to about $1,136 in after-hours trading. Google Chief Executive Officer Larry Page said that Google would be best served by focusing on smartphone software rather than devices.
Apple Inc. (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. Shares of AAPL fell by 1.14% or $-5.75/share to $500.75. In the past year, the shares have traded as low as $385.10 and as high as $575.14. On average, 11905900 shares of AAPL exchange hands on a given day and today's volume is recorded at 17978344.
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