Google’s proposed acquisition of Motorola Mobility has received a go-ahead from 99 percent of the phone maker’s shareholders.
The buyout proposal worth $12.5 billion is Google’s attempt to acquire Motorola Mobility’s extensive patent portfolio, creating a powerful merger that could stop rival companies from hampering the search giant’s development of its Android mobile operating system.
The approval from shareholders will give Motorola Mobility access to one of the tech industry’s most rich financial resources in Google.
Android phone makers, especially the four largest, praised Google for the plan to acquire Motorola Mobility, with Google promising a hefty $2.5 billion breakup fee if regulators stop the merger.
Now that the air is clear between both companies, the road to gaining a clearance from the US Justice Department will officially start.
Out of the 74 percent of shareholders who voted, 99 percent were in favor of the deal.
Motorola Mobility chair and CEO Sanjay Jha said, “We look forward to working with Google to realize the significant value this combination will bring to our stockholders and all the new opportunities it will provide our dedicated employees, customers, and partners.”
An expected date for closing the deal is still vague as Google faces lawsuits against its Android OS, but Motorola Mobility anticipates sometime next year will be ideal.