Report: IBM Selling Its PC Business
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China's largest maker of PCs is one of the potential buyers, newspaper says.
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IBM&#39;s (IBM.N: Quote, Profile, Research) PC unit piled up nearly $1 billion in cumulative losses in recent years, the company said in a filing on Thursday detailing the planned sale of the business to China&#39;s Lenovo Group.
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IBM is selling its PC-making business to China's largest personal computer maker, Lenovo Group Ltd., for &#36;1.25 billion, marking the U.S. giant's retreat from an industry it helped pioneer in 1981.
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IBM is reportedly in talks to sell its personal computer business. It would mark the end of an era for the company that brought the computer into the mainstream when it began selling its desktop PC to corporations and consumers in 1981.
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IBM is considering pulling out of the personal computer business it founded - a sign of a big change in the way companies buy computers and a shift of power in the PC industry.
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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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(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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After days of speculation, computer services giant IBM Corp. announced Wednesday a US$1.75-billion deal to sell its PC business to Asia&#39;s largest computer maker.
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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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IBM, the pioneer of the personal computer, is selling its PC hardware business to Chinese firm Lenovo.
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A report in The New York Times that IBM is poised to sell off its PC unit has provoked mixed reactions and tentative interpretations from analysts who follow the historic company.
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A Chinese company has become the third largest PC seller in the world by buying IBM&#39;s personal computer business. Lenovo has bought the business for USD 1.25 billion, of which USD650m is in cash and the rest in Lenovo shares.
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IBM Corp. has put its PC business up for sale, according to a story published on Friday on the Web site of The New York Times.
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Late Tuesday, IBM announced that it&#39;s selling its PC business to Lenovo Group Limited, the leading PC brand in China. IBM&#39;s current PC business ranks a distant third behind Dell and HP
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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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IBM is selling its PC-making business to China&#39;s largest personal computer maker, Lenovo Group Ltd. (0992.HK: Quote, Profile, Research
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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.