Chinese Firm To Buy IBM&#39;s PC Business For $1.75 Billion
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BEIJING -- China&#39;s biggest computer maker said it has acquired a majority stake in IBM&#39;s personal computer business for $1.75 billion dollars in one of the biggest Chinese overseas acquisitions ever.
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IBM is expected to announce Tuesday after the close of the market an historic pact to sell its $11.5 billion PC business to China PC giant Lenovo, sources said.
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International Business Machines Corp. agreed to sell its personal computing business to China&#39;s largest computer maker, Lenovo Group Ltd.
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IBM, which revolutionised the global computer industry when it launched its first desktop in 1981, has sold its PC business to a Chinese group in a $1.75bn (Â£900m) deal, it was confirmed today.
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Lenovo Group&#39;s takeover of IBM&#39;s personal computer business is a giant step in a multibillion-dollar foreign expansion by China, which is buying auto, television and telecommunications companies abroad.
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Lenovo Group Ltd. of China would transform itself into one of the world&#39;s top three computer makers with the purchase of International Business Machines Corp.
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Lenovo Group Ltd. will purchase IBMâs personal computer business for $1.25 billion including $650 million in cash and $600 million in stock plus $500 million of debt assumption.
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IBM, the company that invented the PC, has put its PC business up for sale, according to the New York Times, and is in discussions with China&#39;s largest maker of personal computers, Lenovo Group (formerly Legend Group), and at least one other potential
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Squeezed at home, China&#39;s biggest computer maker, Lenovo, is buying IBM&#39;s money-losing PC business. But venturing abroad is fraught with risk.
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BEIJING/SAN FRANCISCO  - IBM is selling its  PC-making business to China's largest personal computer  company, Lenovo Group Ltd., for $1.25 billion, marking the U.S.  company's retreat from an industry it helped pioneer in 1981.
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IBM&#39;s (Quote, Chart) decision to sell its personal computing division to China&#39;s leading PC maker Lenovo for $1.75 billion spawned diverse reactions in the industry.
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IBM Corp. has put its PC business up for sale, according to a story published on Friday on the Web site of The New York Times. IBM is discussing selling the business to
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IBM (IBM) said Tuesday that it would sell its PC business to Lenovo, China&#39;s No. 1 PC maker, in a $1.75 billion deal that marks the end of an era.
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A Chinese company has become the third largest PC seller in the world by buying IBM&#39;s personal computer business. Lenovo has bought the business for USD 1.25 billion, of which USD650m is in cash and the rest in Lenovo shares.
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, 12/8/2004. IBM&#39;s awaited personal computing division sale to Lenovo Group Ltd. became official this morning with an announcement that Big Blue will pass the unit to China&#39;s number one PC maker for $1.75 billion.
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Dec. 3--NEW YORK -- International Business Machines Corp. is negotiating with Lenovo Group Ltd. to sell its personal computer business to China&#39;s largest PC maker, the New York Times reported Friday.
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International Business Machines Corp. Tuesday agreed to sell its personal computer business to China&#39;s largest computer manufacturer, backing out of a market the venerable technology