Motorola Inc., formerly known as Galvin Manufacturing Corporation, was founded in 1928. In 1947, it was renamed Motorola and used as a trademark from the 1930s. Headquartered in Schaumburg, Illinois, USA, on the outskirts of Chicago. One of the world's top 100 Fortune companies, it is a global leader in chip manufacturing and electronic communications. On August 15, 2011, Google Inc. announced that it had signed a definitive agreement with Motorola Mobility to acquire the latter for $40 per share in cash for a total consideration of approximately $12.5 billion, a transaction approved by the boards of directors of both companies. On February 14, 2012, Google's acquisition of Motorola was approved by the European Union and the United States.