Google to buy Motorola Mobility for £7.6bn

City A.M. Reporter
Google Inc said it will buy Motorola Mobility Holdings for about $12.5bn (£7.6bn) in cash.

The Mobility business includes Motorola's smartphones and analysts are seeing the move as part of Google's plans to take on Apple in the lucrative market.

The $40 a share offer is at a 63 per cent premium to Motorola Mobility's Friday close on the New York Stock Exchange.