Google is acquiring Motorola Mobility Holdings for $12.5 billion, The Wall Street Journal reports. The purchase of Motorola’s cell-phone business will give the search engine company more than 17,000 patents to defend itself against lawsuits for its Android software. Motorola Mobility will function as a separate entity. Google is likely to complete the acquisition by early 2012 and is seeking a breakup fee of $2.5 billion in cash. Lazard and Cleary Gottlieb Steen & Hamilton advised Google, while Qatalyst Partners, Centerview Partners and Wachtell, Lipton, Rosen & Katz advised Motorola Mobility on the deal.

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