Unwired Planet sells patent portfolio to Lenovo, shares jump

Thu Mar 20, 2014 6:46pm EDT

Customers talk to a salesperson about a new laptop at a Lenovo shop in Shanghai February 17, 2011. REUTERS/Aly Song

Customers talk to a salesperson about a new laptop at a Lenovo shop in Shanghai February 17, 2011.

Credit: Reuters/Aly Song

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(Reuters) - Unwired Planet Inc (UPIP.O) said it sold a portfolio of patents to Chinese technology company Lenovo Group Ltd (0992.HK) for $100 million in cash, sending its shares up 73 percent in trading after the bell.

Unwired, an intellectual property and technology licensing company, said the portfolio included patents for 3G and LTE mobile technologies.

Lenovo has been making a big push into the smartphone market as the broader desktop PC market shrinks and computer users go mobile.

It recently bought Google Inc's (GOOG.O) Motorola Mobility handset unit for $2.91 billion in the fourth-largest U.S. acquisition by a Chinese or Hong Kong company ever in Jan this year.

Unwired's shares jumped to $2.25 in after-market trade after closing at $1.30 on the Nasdaq on Thursday.

(Reporting By Aurindom Mukherjee in Bangalore)

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