Search engine giant Google bought Motorola only in 2012 for $12.5 billion, a purchase that helped the Eric Schmidt-owned company's shares climbed by 2.2 percent to about $1,131 in after-hours trading. However, after only more than one year, Google decided to let go of the eight decade old company. The firm who bought it? China's Lenovo.

On Wednesday, Reuters reported that Lenovo completed a purchase of the Google Motorola handset division for $2.91 billion. This deal is said to be the largest tech deal that happened in China.

"The Motorola brand is strong in North America and Latin America, so for sure we will leverage this strength to build our business," Lenovo CEO Yang Yuanqing said during a press conference.

The Chinese tech company said that they took the deal to be able to penetrate the Western market. Earlier this month, Lenovo's Liu Jun, the current head of newly created mobile business group, revealed to Bloomberg that the company is planning to bring its smartphones to developed countries this year.

"Buying Motorola Mobility is a much quicker way for Lenovo to access the premium smartphone market," Frank Gillett, an analyst at Forrester Research, wrote in an e-mail. "Motorola has not been shooting the lights out with designs or sales volumes in smartphones. So the value is simply in brand recognition."

As for Google, they think that selling Motorola to Lenovo is a win-win situation. Kantar analyst Carolina Milanesi said:

"It all points to Google thinking in the short run that they're better off betting on Samsung and keeping them close," Milanesi said. "And of course now they're enabling a second strong runner (Lenovo) in the Android ecosystem."

Google CEO Larry Page is also optimistic that Lenovo can turn things around for the troubled company.

"Lenovo has the expertise and track record to scale Motorola into a major player within the Android ecosystem," Page wrote in a blog post, as reported by Bloomberg. "They have a lot of experience in hardware, and they have global reach. In addition, Lenovo intends to keep Motorola's distinct brand identity - just as they did when they acquired ThinkPad from IBM in 2005."