Google today announced that its purchase of Motorola Mobility has finally gone through. The search giant announced way back in August of last year that it planned to acquire the mobile arm of Motorola for $40 per share. The deal amounted to $12.5 billion and had already been approved by both boards but had yet get regulatory approvals in the U.S., the EU and other jurisdictions.
Today all of that changed. Having received the go ahead from the United States, Europe, and China, Google announced that the deal had closed, with Google acquiring MMI for $40.00 per share in cash. Motorola Mobility will be run as a separate business and the company will continue to license Android for its handsets.
"I'm happy to announce the deal has closed. Motorola is a great American tech company, with a track record of over 80 years of innovation," said Google Chief Executive Larry Page. "It's a great time to be in the mobile business, and I'm confident that the team at Motorola will be creating the next generation of mobile devices that will improve lives for years to come."
Though it's not yet clear the extent of the changes Google will be making at Motorola, Mountain View did reveal one of them today: Dennis Woodside, President of Google's Americas region and the man overseeing integration planning for the acquisition, will now step into the role of CEO of Motorola Mobility. He's replacing Sanjay Jha who is stepping down but will work with Google to ensure a smooth transition.
"Sanjay Jha, who was responsible for building the company and placing a big bet on Android, has stepped down as CEO," said Page. "I would like to thank him for his efforts and am tremendously pleased that he will be working to ensure a smooth transition as long-time Googler Dennis Woodside takes over as CEO of Motorola Mobility."
Dennis won't be turning up at Moto HQ empty-handed, either, having already selected a small group of people to join the executive team at Motorola. This team will include Mark Randall, former supply chain VP at Amazon and previously at Nokia; Scott Sullivan, former head of HR at Visa and NVIDIA; Regina Dugan, former Director of DARPA; Gary Briggs, former Google VP of Consumer Marketing; and Vanessa Wittman, former CFO of Marsh & McLennan.