Citing a person familiar with the matter, ChinaDaily reports that the acquisition will include more than 10,000 mobile communication patents. The deal, which is worth at least $2 billion, is expected to be announced on Thursday morning in Beijing, according to ChinaDaily.
If an acquisition materializes, it would represent a massive write-down for Google, less than two years after it spent $12.5 billion on Motorola Mobility. The deal gave Google access to a vast, 17,000-strong, trove of technology patents, mostly related to the wireless industry.
Neither Google nor Lenovo has responded to TheStreet's request for comment on this story.Earlier this month Lenovo announced a $2.3 billion deal to acquire IBM's (IBM) low-end x86 server business. The acquisition, however, is expected to receive a lengthy examination from the Treasury Department's Committee for Foreign Investment in U.S. (CFIUS). The inter-agency panel reviews foreign buyers' acquisitions of U.S. assets for national security threats. Google shares gained 1.45% to $1,123 in extended trading on Wednesday. --Written by James Rogers in New York. Follow @jamesjrogers >Contact by Email.