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June 26, 2017

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Google buys 5.94% stake in Lenovo on same day it agrees to sell Motorola

HONG KONG -- Google bought a 5.94 percent stake in Lenovo for US$750 million on the same day it agreed to sell handset maker Motorola to the Chinese technology giant, a report said Friday.

The U.S. Internet firm acquired 618.3 million shares in the PC maker at US$1.213 each when Lenovo bought Motorola for US$2.91 billion last Thursday, according to Dow Jones Newswires.

The deal provides Lenovo with footholds in smartphone and tablet markets where it is eager to gain traction.

It also came just a week after the Chinese firm said it will buy IBM's low-end server business for US$2.3 billion, giving it a platform to compete in that sector with U.S. giants Dell and Hewlett-Packard.

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