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Google Selling Motorola Mobility To China's Lenovo

CHICAGO (CBS) -- Google is selling off Motorola Mobility to Lenovo for $2.91 billion.

Google bought Motorola, based in Libertyville, for about $12 billion in 2011.

"The smart phone market is super competitive and to thrive it helps to be all-in when it comes to making mobile devices. It's why we believe that Motorola will be better served by Lenovo," Google CEO Larry Page said in a memo on Tuesday.

Lenovo has a fast-growing smart phone business, Page said.

Google gets to hold on the Motorola's mobile patents and will use them for its popular Android system.

This is the second major purchase for the Chinese computer maker.

Lenovo also recently bought a low-end server business from IBM.

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