- - Tuesday, May 22, 2012

NEW YORK — Google says it has completed its acquisition of phone-maker Motorola Mobility and it has appointed a Google executive as the new CEO of the business.

Google says Dennis Woodside, previously president of Google’s Americas region, is Motorola’s new CEO. Departing CEO Sanjay Jha will help to ensure a smooth transition.

Google Inc. and Motorola Mobility Holdings Inc. announced the $12.5 billion deal last summer, expecting it would close late last year or early this year.

Approval from Chinese regulators was slow in coming. On Saturday, China approved the deal, on condition that Google Inc.’s Android software would remain free for other phone-makers for at least five years.

Google is buying Motorola, a pioneer in the cellphone industry, to prop up its patent portfolio and help defend phone-makers who use Android against litigation.


Motel 6 chain being sold to group for $1.9 billion

NEW YORK — French hotel company Accor SA is checking out of Motel 6 and a prominent U.S. investment firm is moving in.

Accor said Tuesday that it reached a deal to sell the U.S. motel company, including its extended-stay chain Studio 6, to the Blackstone Group LP for $1.9 billion.

Motel 6, known for low prices and the slogan “We’ll leave the light on for you,” encompasses 1,102 hotels and 107,347 hotel rooms in the U.S. and Canada.

Accor said the deal, which it expects to close in October, will give it the resources to grow faster in Asia and the Pacific, Central and South America, and Europe.

The company will continue to own and operate luxury and upscale flagship hotels in the U.S. under the Sofitel and Novotel brands.

New York-based Blackstone said in the companies’ joint statement that it will operate Motel 6 independently, as it does its other hotel chains. But it plans to invest in Motel 6’s properties and speed the expansion of its franchise base.

The private equity firm’s other hotel companies include Hilton Worldwide.

Shares of Blackstone rose 29 cents, or 2.5 percent, to $11.99 by midday.

Story Continues →