Lenovo wraps up deal for Motorola

Phone unit purchase to help Chinese firm gain an edge in mature markets

Lenovo Group Ltd closed its $2.91 billion acquisition of Motorola Mobility from Google Inc as the Chinese company tries to boost global smartphone sales that were surpassed by crosstown rival Xiaomi Corp.

The deal includes the payment of $1.41 billion in cash and Lenovo stock at closing, with $1.5 billion still to be paid in a three-year promissory note, Lenovo said in a statement on Thursday. Lenovo paid Google $228.5 million to adjust for the excess cash with the company.