Lenovo’s purchase of Motorola Mobility is a done deal. The Chinese technology company will pay Google (Motorola’s parent company) a total of $2.91 billion as part of an acquisition that was first announced in January.

As per the agreement, Lenovo handed over approximately $660 million cash and $750 million in newly issued shares of Lenovo stock which represents about 4.7 percent of Lenovo’s shares outstanding. The remaining $1.5 billion will be paid in the form of a three-year promissory note according to a press release on the matter.

Google will maintain ownership of a majority of the Motorola Mobility patent portfolio.

Lenovo chairman and CEO Yang Yuanqing said they are ready to compete, grow and win in the global smartphone market. The executive added that they will give the market something is has needed: choice, competition and a new spark of innovation.

Google CEO Larry Page said Motorola was in great hands with Lenovo, a company that’s all-in on making great devices.

If you recall, Google purchased Motorola Mobility in 2012 as part of a landmark deal valued at $12.5 billion. Motorola made some headway in the entry-level market with handsets like the Moto G but its losses continued to widen, even leading into the Lenovo sale.

With Motorola Mobility under its wing, Lenovo is now the third largest smartphone vendor in the world. Lenovo will operate Motorola as a wholly-owned subsidiary and Motorola’s headquarters will remain in Chicago.