Updated: Google Didn’t Pay $750M For A 5.94% Stake In Lenovo

[Updated: As Re/code notes, Google does not yet own Lenovo shares. Instead, the regulatory filing shows the number of shares Google might own after its agreement with Lenovo to purchase Motorola goes through.]

Google may get a stake worth $750 million in Lenovo Group on Jan. 30, according to a disclosure on the Hong Kong stock exchange. The filing was made on the same day after Google announced that it had agreed to sell the Motorola brand to Lenovo for $2.91 billion, but will keep most of the handset maker’s patents.

Lenovo agreed to pay a total of $2.91 billion, with $750 million in ordinary shares, $660 million comprised of U.S. cash, and the remaining $1.5 billion in a three-year promissory note.

According to one of our sources, Google had wanted to sell Motorola for some time before striking the agreement with Lenovo because the handset brand has yet to live up to its purchase price, but had to hold off on selling the division for tax reasons. On the other hand, buying Motorola helps Lenovo build out its cell phone business. There were rumors in October that it had submitted a bid for BlackBerry, but was turned down.