It's official: Lenovo owns Motorola

The cash has been handed over, the contracts are signed and the lawyers are sipping champagne, which can only mean that Lenovo's deal to buy Motorola has been completed. The purchase makes Lenovo the world's third-largest smartphone maker, and the Chinese company has been quick to promise not to meddle. The outfit has pledged to keep Motorola based in Chicago, and CEO Rick Osterloh will keep his job at the head of the table. What will change, is that Motorola will now be able to sell its devices in Lenovo's Asian and European strongholds, which should help the pair meet its pledge to sell 100 million smartphones and tablets this year. The pair have also pledged to return Motorola to profitability by mid-2016, which seems a lot more plausible with a stable of devices that include the Nexus 6, Droid Turbo and Moto 360.