IBM Reported to Put Its PC Business Up for Sale
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IBM (IBM.N: Quote, Profile, Research) is reportedly in talks to sell its personal computer business in a deal that could be worth up to $2 billion and would cap a
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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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IBM has reached an agreement in principle to sell its personal computer business to Lenovo, China&#39;s largest PC maker, in a deal valued at between $1 billion and $2 billion, people close to the negotiations said Monday.
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(InfoWorld) - IBM sold off a chunk of its stake in Lenovo Group, leading the world's third-largest PC vendor to temporarily suspend trading of its shares in Hong Kong on Tuesday. Lenovo spokeswoman Angela Lee said IBM had informed the company it planned to sell a large block of shares but had not provided specific details of the transaction. IBM did not immediately respond to a request for comment. "The trading of Lenovo's shares has been suspended at our request, pending the release of an announcement ... relating to the placing of Lenovo's shares by IBM," Lee said. At 2:40pm local time Tuesday afternoon, trading of the company's shares remained suspended. IBM did not respond to a request for comment. Lenovo's shares were trading at HK$3.20 (US$0.41) per share when they were suspended, a drop of 7 percent from the previous day's close. That price matches the reported selling price IBM received for its shares, which were offered to investors at a discount, according to several press reports Tuesday. Citing information offered to investors, those reports said IBM sold 300 million shares in Lenovo Group in a sale worth HK$960 million (US$123 million). IBM, whichÂ sold its PC division to LenovoÂ in 2005, has gradually reduced its stake in Lenovo since that deal. A further sale of shares would be in keeping with the company's stated plan to sell down its stake in Lenovo. Prior to the reported sale, IBM held a 13.2 percent stake in Lenovo, making it the company's second-largest shareholder. The sale of shares -- estimated at 3.5 percent of Lenovo's total shares -- will reduce IBM's holdings to 9.7 percent of the company. While IBM reduces its stake in Lenovo, the two companies remain close partners. Lenovo Tuesday announced the signing of a five-year agreement forÂ IBM to provide technical support, installation, deployment and other PC-related services to its customers. The deal could be worth up to US$245 million to IBM, Lenovo said in a filing to the Hong Kong stock exchange. Â
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An era will come to an end when IBM sells off its computer manufacturing business, according to The New York Times. A Chinese company seems the likely buyer and the deal should fetch upward of $2 billion.
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IBM, which pioneered the personal computer business in the 1980s, is said to be negotiating the sale of its PC unit in a move that could reshape the industry.
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NEW YORK - We may soon add IBM to the long, long list of companies exiting the thankless business of selling personal computers. According to a report in The New York Times, IBM (nyse: IBM - news - people
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Lenovo Group stayed silent Friday about reports it is talking with IBM Corp. about buying the US company&#39;s personal computer business, but an executive hinted that the Chinese company is looking to expand its PC operations.
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IBM's personal computer business racked up $965 million in losses between Jan. 1, 2001, and June 30, 2004, the company said last week in a filing to the U.S. Securities and Exchange Commission, detailing the planned sale of the business to China's Lenovo Group.
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IBM (IBM:NYSE - news - research) is reportedly on the verge of a deal to sell a majority interest in its PC business to Lenovo Group, China&#39;s top PC company.
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Purchasers of IBM&#39;s desktops and laptops were shocked to learn last week that IBM may be putting its PC business up on the auction block.
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NEW YORK, December 8  - International Business Machines (IBM.NYS) has decided to sell its personal computers business to Chinaâs Lenovo Group for $1.75 billion in a cash and stock deal.
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BEIJING: IBM is selling its personal computer making business to China&#39;s largest PC producer, Lenovo Group Ltd, for US$1.25bil, marking the US giant&#39;s retreat from an industry it helped pioneer in 1981.
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IBM is discussing selling its PC business to Lenovo Group Ltd., China's largest maker of personal computers, and at least one other potential buyer, according to The New York Times.
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An era will come to an end when IBM sells off its computer manufacturing business, according to The New York Times. A Chinese company seems the likely buyer, and the deal should fetch upward of $2 billion.
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IBM's deal to sell its personal computer business to China's Lenovo, a move likely to reshape the industry, signals the PC has evolved into a mass consumer item with little profit, analysts say.
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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.