IBM Puts Its PC Business Up for Sale -NYT
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International Business Machines Corp. has put its personal computing business up for sale in a deal that could be worth as much as &#36;2 billion, the New York Times reported on Friday.
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IBM (IBM:NYSE - news - research) is reportedly ready to exit the PC business, having long lost its dominance in the arena. The report said Lenovo Group, China&#39;s top PC company, is among the interested bidders.
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International Business Machines, better known as (IBM), will cease producing their personal computer (PC) production activities. According to the news of New York Times, the strongest candidate to buy the
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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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(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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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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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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IBM reportedly is selling its personal computer business for some $2 billion, possibly to China&#39;s Lenovo. Big Blue currently ranks a distant third in PC sales with a 6 percent market share, trailing
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IBM, whose first PC in 1981 moved personal computing out of the hobby shop and into the corporate and consumer mainstream, has put the business up for sale, people close to the negotiations said Thursday.
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International Business Machines Corp. has reportedly put its personal computer business up for sale in a deal that could fetch as much as &#36;2 billion and close an era for an industry pioneer which long ago shifted its focus to more lucrative segments of the computer business.
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From the introduction of its first PC in 1981 to this week&#39;s sale of its PC business to Lenovo of China for about $1.75 billion in cash, IBM has had a quite a few milestones in the PC industry.
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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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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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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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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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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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International Business Machines Corp. is selling a majority stake in its pioneering personal computer business to China's biggest computer maker, Lenovo Group Ltd., for &#36;1.75 billion in cash and stock.