RESEARCH TRIANGLE PARK, N.C. – Lenovo has agreed to purchase a portfolio of patents from Unwired Planet and for an aggregated transaction of $100 million cash.

The patent purchase consists of 21 patent families owned by Unwired Planet, including patents for 3G and LTE mobile technologies and other important mobility patents.

“This investment is an extension of Lenovo’s existing intellectual property portfolio,” said Jay Clemens, General Counsel of Lenovo. “It will serve the company well as we grow and develop our worldwide smartphone and mobile PC Plus business in new markets.”

Under the terms of the agreement, Lenovo is licensed to Unwired Planet’s intellectual property portfolio for a number of years, covering standard essential, implementation, and application layer technology for mobile devices. Following the transaction, Unwired Planet’s portfolio will consist of approximately 2,500 issued and pending U.S. and foreign patents.

The transaction is expected to close in 30 days.

In other Lenovo news, the company reportedly loss about $16 million on Friday after the wrong price tag was placed on a new tablet. Consumers, who noticed the amazing price, quickly scooped them up.

The 7-inch S5000 was tagged with the wrong retail price on both the Lenovo and Jingdong Mall websites, reports the Beijing Business Today.

The tablet, which runs on a MediaTek quad-core processor — was originally priced at 1,888 yuan ($300). For 10 hours, however, its 3G version was mistakenly tagged at 999 yuan ($160) on the two websites.

Chen Xudong, president of Lenovo China, said Lenovo and Jingdong Mall will not cancel the 110,000 orders just because of a mislabeled price tag.

Lenovo announced that afternoon that the purchased tablets would all be shipped at the priced listed upon purchase and apologized to customers affected by the mistake, according to the report, although it’s probably certain that the buyers will no doubt feel an apology is necessary.

[LENOVO ARCHIVE: Check out eight years of Lenovo stories as reported in WRALTechWire.]