Google buys Motorola Mobility for $12.5 Billion(or $40 per share), in cash. What this means is now Google has the Android OS which will be backed by the custom Hardware(Motorola). In my view this event would change the smartphone eco system substantially. As of January 2011, Motorola owns approximately 24,500 patents and patent applications, worldwide. These include substantially all of the patents unique to Mobile Devices and Home businesses. Their patent portfolio generally relates to wireless, audio, video, security, user interface and product design, along with applications and services related to it’s products. Motorolas Mobile Devices business segment will have approximately 14,600 granted patents and 6,700 pending patent applications, worldwide. Motorolas patent portfolio includes numerous patents related to various industry standards, including 2G, 3G, 4G, H.264, MPEG-4, 802.11, open mobile alliance (OMA) and near field communications (NFC). The Home business segment will have approximately 1,900 granted patents and 1,300 pending patent applications, worldwide.

Links:
http://www.motorola.com/Consumers/US-EN/About_Motorola/Technology/Approach
http://googleblog.blogspot.com/2011/08/supercharging-android-google-to-acquire.html