Let's make a quick calculation:
1. Acquisition cost: USD 12.5bn.
2. Losses of Motorola since acquisition: USD 1.0bn
1. They sold a division to Arris for USD 2.3bn
2. They sell the rest of Motorola to LENOVO for USD 2.9bn
3. From the 20 000 patents (estimated to be worth USD 5.5bn at the time of acquisition), they only sell 2000 to LENOVO and grant exploitation rights on the remaining ones.
If the patents are really worth USD 5.5bn, they still loose USD 2.8bn. Not bad.
I still can't imagine what would have happened if Apple would have done the same.
Those patents are not worth even close to $5 billion, not even close.
So far they have collected a grand total of $10 million from those said patents.
Look at Apple. Apple has amazing patents against Samsung and they were only able to get $800M. You really think the Moto patents are worth SEVEN TIMES more than Apple's?
Let's also not forget the cost of transaction. Usually investment banks get 3-4% transaction fee.
Layoff employees, severence
Golden parchuttes to pay
Don't forget those tax breaks will take YEARS to realize. So we are talking millions in time value.
Also what about all the LABOR costs in intergrating Moto to Google.
They lost BILLIONS on this deal.