MOUNTAIN VIEW, California (


) --


(GOOG) - Get Alphabet Inc. Class C Report

reached a deal to buy

Motorola Mobility

(MMI) - Get Marcus & Millichap, Inc. Report

for $40 a share, or about $12.5 billion.

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The deal price is a premium of 63% to Motorola Mobility's closing price of $24.47 on Friday.

The boards of both companies approved the deal.

"Motorola Mobility's total commitment to Android has created a natural fit for our two companies," said Larry Page, CEO of Google, in a statement. "Together, we will create amazing user experiences that supercharge the entire Android ecosystem for the benefit of consumers, partners and developers."

-- Written by Joseph Woelfel

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Joseph Woelfel

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