Google closed the deal on acquiring Motorola Mobility, according to the company’s official blog.

In announcing the buy, Google CEO Larry Page hinted that Google will use Motorola to expand its Google Wallet mobile commerce service.

“It’s a well known fact that people tend to overestimate the impact technology will have in the short term, but underestimate its significance in the longer term,” wrote Page. “Many users coming online today may never use a desktop machine, and the impact of that transition will be profound – as will the ability to just tap and pay with your phone. That’s why it’s a great time to be in the mobile business.”

According to Page, long-time employee Google Dennis Woodside will take over as CEO of Motorola Mobility, replacing Sanjay Jha.