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Updated Jan. 29, 2014 5:35 p.m. ET
Google Inc. agreed to sell its wireless-handset business to Lenovo Group Ltd. for $2.91 billion, giving the iconic Motorola cellphone business to a rapidly expanding Chinese technology company.
The transaction is an about-face for Google, which bought the Motorola business for $12.5 billion a couple of years ago. Lenovo will pay $660 million in cash, $750 million in Lenovo shares, plus a $1.5 billion three-year promissory note.
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