Lenovo buys Unwired Planet Mobile patent for $100 million

Tencent Science and Technology Ming Xuan March 21 compiled Lenovo Group and patent licensing company Unwired Planet issued a joint statement in Thursday, Lenovo has agreed to buy Unwired planet a series of patent portfolios, and will be unwired Planet Patent portfolio licensing. The total price of this transaction is USD 100 million and will be paid in cash. According to the agreement signed by the two sides, Lenovo will buy the 21 patent portfolios of Unwired Planet, including 3G and long-term Evolution technology (LTE) patents, and other important mobile patents. At the same time, Lenovo will receive a multi-year mandate from the Unwired Planet Intellectual property portfolio, designing basic mobile device patents, installing patent and application-level technologies. The deal is expected to be completed within 30 days. Unwired Planet's patent portfolio includes 2500 U.S. and foreign patents that have been approved or awaiting approval. Philip Vachon, chairman of the Unwired Planet Board, said that we were delighted to reach an agreement with a leading technology company in the world. We wish Lenovo a continued success in the future. Jay Clemens, general counsel for Lenovo Group, Choy Clemens that the investment is an extension of Lenovo's existing intellectual property product line. The deal will help us as companies continue to expand their smartphone and mobile PC plus business in new markets. The investment bank Evercore as an advisor to Unwired planet in this transaction. Unwired Planet shares fell 0.08 U.S. dollars in conventional trading in the Nasdaq Stock market in Thursday, down 5.8% per cent to $1.30. Driven by the news, Unwired Planet's shares surged 0.87 dollars in subsequent trading, up 66.92% to $2.17. According to the Thursday closing price, Unwired planet is worth only 142.34 million dollars.