Lenovo&#39;s $1.25bn splurge on IBM
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BEIJING - China&#39;s largest personal computer maker, Lenovo Group Ltd, announced on Wednesday that it is buying control of IBM&#39;s PC-making business for US$1.25 billion, capping the US tech giant&#39;s gradual withdrawal from the business it helped pioneer in
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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&#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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IBM, the pioneer of the personal computer, is selling its PC hardware business to number one Chinese computer maker Lenovo.
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By Simon London in San Francisco, Mure Dickie in Beijing and,Justine Lau and Francesco Guerrera in Hong Kong. Lenovo, China&#39;s largest computer supplier, announced a $1.75bn (Â£900m) deal to buy the PC unit
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Hong Kong, December 7: China&#39;s largest personal computer maker, Lenovo Group Ltd, could announce as early as Tuesday that it is buying control of IBM&#39;s PC-making business for up to US$2 billion, a source familiar with the situation said.
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IBM Corp. is selling its personal computer business to China&#39;s largest PC maker in a $1.25 billion deal that marks the end of an era for the company that made &quot;PC&quot; a household word.
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Lenovo Group Ltd. agreed to pay $1.25 billion for International Business Machines Corp.&#39;s personal computer business, lifting China&#39;s largest PC maker to third in world rankings and giving it a globally recognized brand.
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IBM planned to announce yesterday that it will invest US$250 million over the next five years and employ 1,000 people in a new business unit to support products and services related to sensor networks.
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By Mark Lee  Shares of Lenovo Group, the maker of personal computers, rose Tuesday after a report said that the company might cut 1,000 jobs to reduce costs.  The stock rose 1.3 percent to 3.13 Hong Kong dollars, or 41 U.S.
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Lenovo Group Ltd.&#39;s purchase of IBM Corp.&#39;s PC business solves problems for both companies, but it also could benefit their rivals, at least in the short term.
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IBM has sold its computer making business to Lenovo Group, the Chinese technology company, in a $1.75 billion (Â£900 million) deal, signalling an exit from the PC market it helped create in the 1980s.
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(InfoWorld) - 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. Lenovo plans to expand the services it offers customers with the addition of "fee-based technical support, installation, deployment and other PC-related services," the filing said. Lenovo did not reveal when the new services will be introduced, but they are likely to come soon: the company expects to make payments to IBM under this deal during its current financial year, which ends next month. In an e-mail statement, Lenovo spokeswoman Angela Lee declined to offer details of the new services, but said "many" of them are intended for consumers and small-business users -- markets that Lenovo is keen to crack outside China, and particularly in the U.S. After considering several service providers, Lenovo chose to outsource these functions to IBM, which is one of the company's largest investors, because the company has an established worldwide services organization and an existing business relationship with Lenovo. Lenovo expects the deal to generate payments to IBM of $15 million during its current 2006-2007 fiscal year, which ends March 31.That amount is expected to rise to $35 million during the company's next fiscal year, 2007-2008, and $45 million during 2008-2009. These payments may increase further to $50 million annually during the 2009-2010, 2010-2011, and 2011-2012 fiscal years, Lenovo said in the filing.
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IBM has reached an agreement in principle to sell its personal computer business to Lenovo Group, China&#39;s largest PC maker, in a deal valued at $1 billion to $2 billion, people close to the negotiations said.
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Description: China&#39;s largest computer maker, Lenovo, is buying IBM&#39;s personal computer division for an estimated $1.75 billion.
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You didn't get our email? IBM hit Lenovo with a jarring share sale, unloading $123m of stock in the PC maker.â¦
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Not doing a runner, though Tech giant IBM has inked a licensing agreement with Lenovo that will see the Chinese computer vendor making and selling a range of x86 servers.â¦