Google has sold its mobile phone maker Motorola Mobility to Chinese PC manufacturer Lenovo for $2.91 billion in cash and stock options. Google will still retain ownership of a majority of Motorola's patents, while the remaining 2000 patents and license will go to Lenovo.

Lenovo will now pay $660 million in cash and $750 million in stock, while the remaining $ 1.5 billion will be paid over a three year period to Google. Google had originally bought Motorola Mobility for $12.2 billion in 2012 and was reportedly losing hundreds of millions each quarter since the purchase. The internet giant says that it was mainly interested in Motorola's patents portfolio, but has been unable to use them aggressively. It will still retain Motorola's Advanced Technology and Projects group.

In a statement, Google's CEO Larry Page said, "Lenovo has the expertise and track record to scale Motorola Mobility into a major player within the Android ecosystem. This move will enable Google to devote our energy to driving innovation across the Android ecosystem, for the benefit of smartphone users everywhere."