Google bought a near 6% stake in Lenovo for $750m, just a day after selling handset-maker Motorola Mobility to the Chinese PC maker.
According to a stock exchange filing, Google acquired 618.3 million Lenovo shares at $1.21 each on 30 January.
Last month, Lenovo spent a combined $5bn on buying Motorola Mobility and IBM’s low-end server business – the two biggest deals in the company’s history.
Lenovo shares were down by nearly 1% in Hong Kong on Friday. Investors have criticised the Beijing-based company’s recent acquisition spree, which has been aimed at offsetting its shrinking PC business.
Lenovo has lost 24% of its market value since the $2.91bn Motorola Mobility deal was announced on 29 January.
At least five major brokerages have also downgraded their outlook on the firm, which has publicly spoken about its desire to become a global player.
However, analysts are pessimistic about its most recent purchase, saying Lenovo may have overpaid and will face a tough time turning Motorola’s unprofitable handset business around.
Lenovo, which was founded in 1984 as a PC distributor, has grown largely due to high-profile global acquisitions.
Its 2005 purchase of IBM’s Thinkpad business, for example, helped the company overtake Hewlett-Packard as the world’s top PC maker in 2012.
But as more users shunned traditional PCs for more portable devices, Lenovo has been looking to expand its offering under the so-called PC Plus plan.
As a result, the firm has unveiled a line of lower-end tablets and smartphone that have sold well in China and other emerging markets.
It has also launched global marketing campaigns using Hollywood celebrities such as Ashton Kutcher, aimed at making the brand more globally recognised.
The company now hopes to produce more sophisticated offerings through its Motorola purchase, and crack the lucrative US and European markets.
The Motorola acquisition has already helped it leapfrog competitors in the global smartphone rankings.
From being the fifth largest smartphone seller in the world last year, it is now set to be the third.
Lenovo is scheduled to release its latest earnings on February 13.
