NEW YORK (TheStreet) -- Unwired Planet (UPIP - Get Report) continued to climb on Monday after news late last week that Lenovo (LNVGY) would buy a patent portfolio from the mobile technology and licensing provider.
The patent purchase contains 21 patent families and includes 3G and LTE mobile network patents. Lenovo will pay Unwired Planet $100 million in cash and will receive access to Unwired's portfolio for the next several years.
The deal should close within 30 days of its announcement. Afterwards, Unwired's portfolio will contain approximately 2,500 issued and pending patents.
"This investment is an extension of Lenovo's existing intellectual property portfolio," said Lenovo general counsel Jay Clemens in a statement. "It will serve the company well as we grow and develop our worldwide smartphone and mobile PC Plus business in new markets."The stock had a one-day high of $2.10 as of 11:02 a.m. on Monday. Must Read: Warren Buffett's 10 Favorite Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.