EXCLUSIVE: Lenovo nears $3 bln deal to buy Google's handset unit - sources

NEW YORK (Reuters) - China's Lenovo Group <0992.HK> is nearing a deal to buy Google Inc's Motorola handset division for close to $3 billion, according to people familiar with the matter said on Wednesday, buying its way into a heavily competitive U.S. handset market now dominated by Apple Inc .

Lenovo is in the final stages of talks to buy the Google division that includes smartphones Moto X and Moto G as well as certain patents, and an announcement could come as soon as Wednesday, the people said.

The Chinese firm will use a combination of cash and stock as well as deferred payments to finance the deal with Google, the people said, asking not to be named because the matter is not public.

 

Lenovo is being advised by Credit Suisse Group while Lazard Ltd advised Google on the transaction, the people said.

Representatives for Google, Lenovo, Credit Suisse and Lazard did not respond to requests for comment or declined to comment.

(Reporting By Nadia Damouni and Nicola Leske in New York, Editing by Soyoung Kim and Chizu Nomiyama)