Lenovo has just announced that its $2.91 billion acquisition of Motorola is officially complete. In its announcement, the company says that it shares the same goal as Motorola and this acquisition will help the latter in tapping into’s Lenovo infrastructure and global coverage to deliver its outstanding products to a wider variety of audience. 

Lenovo will be operating Motorola as a wholly-owned subsidiary and let it remain headquartered in Chicago. Thanks to the acquisition, Motorola’s Moto and Droid line-up of products will now be joining Lenovo along with 3,500 employees — majority of whom are based in the United States. Thanks to this acquisition, Lenovo will also become the third-largest smartphone maker in the world with a market share of 8.7%.

“Today we achieved a historic milestone for Lenovo and for Motorola – and together we are ready to compete, grow and win in the global smartphone market. By building a strong number three and a credible challenger to the top two in smartphones, we will give the market something it has needed: choice, competition and a new spark of innovation,” said Yang Yuanqing, chairman and CEO, Lenovo.

While Google will own ownership of the majority of Motorola’s patents, the company will be licensing it to the latter. The announcement also notes that Lenovo expects to make Motorola profitable in four to six quarters.

Motorola’s current president and CEO, Rick Osterloh, will retain his position under Lenovo, while Liu Jun, vice president and president of Lenovo’s Mobile Business Group, will be the new chairman of Motorola’s Management Board.