This time last year, Google was licking its wounds after the dismal failure of its Nexus One phone.
You know, the one designed and sold by Google. A complete Android package from the search giant.
So what better way to celebrate the one year anniversary of that failed experiment than by coughing up $12.5 billion, in CASH, for Motorola and jumping feet first into the handset manufacturing business?
I know, you’re checking to make sure it’s not April 1st, but this is hot off the wire:
Google Inc. (NASDAQ: GOOG) and Motorola Mobility Holdings, Inc. (NYSE: MMI) today announced that they have entered into a definitive agreement under which Google will acquire Motorola Mobility for $40.00 per share in cash, or a total of about $12.5 billion, a premium of 63% to the closing price of Motorola Mobility shares on Friday, August 12, 2011. The transaction was unanimously approved by the boards of directors of both companies.