MOUNTAIN VIEW, California (
reached a deal to buy
for $40 a share, or about $12.5 billion.
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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