All the way back in January, Google announced that it was selling Motorola Mobility to Lenovo for $2.91 billion. On Thursday, the acquisition was completed.

This includes the Motorola brand and portfolio of smartphones, such as Moto X, Moto G, Moto E and the DROID series. It automatically makes Lenovo the third largest maker of smartphones.

“Motorola is in great hands with Lenovo, a company that’s all-in on making great devices,” said Google CEO Larry Page.

Lenovo CEO Yang Yuanqing said, “Today we achieved a historic milestone for Lenovo and for Motorola – and together we are ready to compete, grow and win in the global smartphone market. By building a strong number three and a credible challenger to the top two in smartphones, we will give the market something it has needed: choice, competition and a new spark of innovation. This partnership has always been a perfect fit. Lenovo has a clear strategy, great global scale, and proven operational excellence. Motorola brings a strong presence in the U.S. and other mature markets, great carrier relationships, an iconic brand, a strong IP portfolio and an incredibly talented team. This is a winning combination.”

Motorola will be operated as a wholly-owned subsidiary of Lenovo. Its headquarters will stay in Chicago. With the acquisition, Lenovo is taking on 3,500 employees globally and 2,800 in the United States. This includes designers, engineers, sales, and support.

Google will continue to hold the majority of Motorola Mobility patents, though Motorola will get a license to the portfolio. Motorola will retain over 2,000 patents as well.

Image via Lenovo