Google outlined its biggest and boldest acquisition yet with the agreement to pay $12.5bn in cash for Motorola Mobility, the US smartphone company, in a deal that escalates the search company’s rivalry with Apple and gives it control over more wireless patents.
Google, which had $36bn in cash on its balance sheet at the end of June, will pay $40 per share for Motorola Mobility, a 63 per cent premium to the company’s closing price on Friday.
Google and Apple will now go head-to-head in the battle for dominance in the fast-growing smartphone market, as both will control the hardware and software of their products.
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