IBM-Lenovo deal clears potential block
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Big Blue's plan to sell PC business to Lenovo receives pass from the Federal Trade Commission.
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Itâs competition time for PC makers, and good news for price-sensitive consumers. Thatâs how industry gurus are assessing the scenario, after last weekâs sensational announcement of the deal between Chinese PC maker Lenovo Group and US-based IBM.
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Following days of rumors, IBM late Tuesday made it official: the company said it was spinning off its personal computer business with the Lenovo Group, China&#39;s biggest maker of personal computers.
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(InfoWorld) - Shares in Lenovo Group resumed trading on Wednesday, after being temporarily suspended due to theÂ sale of 300 million shares by IBM, the PC company's second-largest shareholder. In a filing to the Hong Kong stock exchange, Lenovo said IBM was expected to complete the sale of the shares today at a price of HK$3.20 (US$0.41) per share -- a discount of 7 percent to the share's closing price on Monday and the same price of the shares when trading was suspended at Lenovo's request on Tuesday. Lenovo's shares were trading at HK$3.23 on Wednesday morning, local time. The shares sold by IBM represent 3.5 percent of Lenovo's outstanding shares and are worth HK$960 million. The sale reduces IBM's share in Lenovo from 14.7 percent to 11.3 percent. IBM remains the company's second-largest shareholder behind parent company Legend Holdings Ltd. The sale of shares by IBM will boost the percentage of Lenovo's stock held by public investors from 34.2 percent to 36.7 percent, the filing said. Legend Holdings' stake will also increase from 41.9 percent to 42.4 percent, it said. IBM has steadily been selling down its stake in Lenovo, whichÂ acquired IBM's PC divisionÂ in 2005. Despite the sale of shares, the two companies remain close partners. On Tuesday, LenovoÂ announced an end-user services agreementÂ with IBM that could be worth $245 million in revenue for IBM over the next five years.
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IBM will sell its once vaunted personal computer business to Lenovo Group Ltd., the leading computer maker in China.-The Washington Post
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InfoWorld - Shares in Lenovo Group resumed trading on Wednesday, after being temporarily suspended due to the&#160;sale of 300 million shares by IBM, the PC company&#39;s second-largest shareholder.
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TOKYO - China's Lenovo Group Ltd. signed a definitive agreement on Wednesday to acquire IBM Corp.'s personal computing division. Lenovo will pay US$1.25 billion in cash for the business, which is expected to transform it into the world's number three PC maker, the companies announced.
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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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Word that IBM is mulling a move to sell its desktop and notebook PC business to China-based Lenovo Group had executives at most of Big Blue&#39;s vendor competitors scurrying to stay out of the limelight until more details of the deal--and final word on
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While the details are still shrouded in mystery, sources close to the negotiations between computer giant IBM and the China-based PC maker Lenovo say that the companies will announce plans tonight for IBM to sell off its PC business for up to $2 billion.
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IBM (NYSE: IBM) today announced that it has reached an agreement with  the U.S.
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IBM has gained a crucial foothold in China by selling its PC business to Lenovo, the countryâs biggest computer maker, for $1.75 billion (Â£900 million) in cash, shares and debt.
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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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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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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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DECEMBER 13, 2004  - Now that IBM plans to sell its PC division to Beijing-based Lenovo Group Ltd., the big question is whether the companies can keep users from defecting to other vendors -- which would put IBM&#39;s once standard-setting PCs
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Chinese computer maker Lenovo suspends trade in its shares in Hong Kong as reports link it to $2bn deal for IBM's PC  business.