Reports that Google acquired a stake worth $750 million in Lenovo at the same time as selling Motorola Mobility to the Chinese company are inaccurate, according to Re/code.
A Hong Kong stock exchange filing from last week was taken to mean that Google had taken a 5.94 per cent stake in Lenovo. However, Re/code said this was an “erroneous reading” and that Google hasn’t actually acquired any shares in the company at all.
The filing states a number of Lenovo shares and a price in connection to Google, which was taken by some publications as meaning the US company had acquired these shares.
However, it actually outlines the maximum number of Lenovo shares Google could own when the Motorola deal is completed, according to Re/code. This number also depends on Lenovo’s closing price, as well as a number of restrictions placed on the Motorola deal.
Google last week announced the sale of its Motorola Mobility unit to Lenovo for $2.91 billion, following its acquisition of the troubled handset maker in 2012. Google’s press release relating to the Motorola sale stated that it would receive $750 million in Lenovo ordinary shares as part of the deal – the same amount disclosed in the stock exchange listing.
According to research firm Strategy Analytics, the combined Lenovo/Motorola will have a smartphone market share of 6 per cent, putting it in third place. It will be well behind rivals Samsung (32 per cent) and Apple (15 per cent), however.