In case you haven’t heard Google will acquire Motorola Mobility for $12.5 billion to (in part) compete with Apple, which owns roughly 65% of profits among the top smartphone vendors (as of this writing). Not only does this move give Google complete control over every aspect of the end-user experience (i.e. hardware, software, and service) but perhaps more importantly the deal will also give a much needed infusion to Google’s patent portfolio (something both Apple and Microsoft have been actively blocking Google from doing). The deal is subject to regulatory approval but it is expected to close in late 2011 or early 2012. Read the full press release.