IBM Selling PC Unit to China's Lenovo
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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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Lenovo, China&#39;s largest personal computer maker, will pay US$1.75 billion (HK$13.65 billion) in cash, stock and assumed debt for IBM&#39;s struggling PC operations in a move that will make it the world&#39;s third-biggest PC manufacturer and fulfil its long-held
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In unloading its personal computer business for $1.75 billion to a Chinese company, IBM managed to keep the division's most profitable pieces -- services and support. The onus is now on buyer Lenovo Group Ltd. to improve the businesses' notoriously thin profit margins, and the skeptics are many.
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China's biggest computer maker, Lenovo Group, said today it has acquired a majority stake in International Business Machines Corp.'s personal computer business for $1.25 billion, one of the biggest Chinese overseas acquisitions ever.
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Lenovo Group Limited, a Personal Computer brand in China and across Asia has announced a definitive agreement under which Lenovo will acquire IBM&#39;s Personal Computing Division to form the world&#39;s third-largest PC business, bringing IBM&#39;s enterprise-class
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The largest computer company in China, the Lenovo Group, has bought a majority stake in the PC-making business of the multinational IBM.
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In a highly anticipated announcement, IBM (Quote, Chart) confirmed late Tuesday it is selling its PC division to China&#39;s Lenovo Group.
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China&#39;s largest personal computer maker, Lenovo Group Ltd., said on Tuesday it was in acquisition talks with a major technology company, which a source familiar with the situation said was IBM.
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Hundreds of IBM employees at Research Triangle Park will soon be working for a new company. The Chinese computer giant, Lenovo Group, is buying IBM&#39;s personal computer division for nearly $2 billion.
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International Business Machines Corp. is selling a majority stake in its pioneering personal computer business to China&#39;s biggest computer maker, Lenovo Group Ltd.
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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
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China&#39;s personal computer giant Lenovo Group Limited Wednesday signed an agreement with IBM to take over the latter&#39;s personal computer business for 1.25 billionUS dollars.
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Lenovo will pay $1.75 billion for IBM&#39;s PC business unit but will continue to use the IBM brand for five years. By Paul McDougall, and Darrell Dunn.
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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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IBM appears close to signing a deal to turn its PC business over to Lenovo Group of China. Industry experts say it makes sense for IBM to get out of the low-margin PC business, but caution that
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Lenovo Group has signed a five-year deal with IBMÂ to provide services and support to its customers. The deal, outlined in a filing with the Hong Kong stock exchange Tuesday, could be worth up to $245 million for IBM over the term of the contract.
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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.