March 20, 2014 / 10:50 PM / 4 years ago

Unwired Planet sells patent portfolio to Lenovo, shares jump

(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.

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

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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