Google has confirmed that it has sold its Motorola unit to Lenovo for 2.91 billion including $660 million in cash and $750 million in Lenovo shares, as well as $1.5 billion in a three-year promissory note.

The deal gives Lenovo ownership of the Motorola brand and its range of devices such as the Moto X and Moto G smartphones.  The Chinese PC maker will also obtain over 2,000 patents with Google set to keep control of a large percentage of the patents it acquired when it first took on Motorola.

With Lenovo having struggled to establish a smartphone business outside of China, the deal and acquisition of Motorola could mean a stronger opportunity to expand as a global brand.

"The acquisition of such an iconic brand, innovative product portfolio and incredibly talented global team will immediately make Lenovo a strong global competitor in smartphones," Lenovo CEO Yang Yuanqing said in a statement.

Lenovo’s smartphone business is primarily limited to China but the company did rank fifth among global smartphone retailers in the fourth quarter with its shares rising to 4.7 percent from 4.2 percent, according to Strategy Analytics.

Google acquired Motorola back in 2012 for $12.5 billion but in the latest quarter reports from Google, Motorola showed an operating loss of $248 million.