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January 30, 2014 AT 8:06 AM
Google purchased Motorola Mobility for $12.5 billion two years ago with the intention of spinning off handsets and cable hardware, according to an executive and two bankers. “It was always part of Google’s master plan,” said one banker. This morning, Lenovo, endeavoring to gain share in mobile and other areas of computing, stated it would acquire Google’s handset division for $2.9 billion. What surprised the executive was the length of time Google held onto the unit.