IBM-Lenovo Pact On Tap To Be Announced Tuesday
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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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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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A US government panel that previously blocked one Chinese acquisition in the United States is now reviewing the deal that would give IBM's PC-making business to China's largest personal computer-maker Lenovo, IBM said.
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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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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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Lenovo Computers, Chinaâs largest computer maker, said it is in acquisition talks with a major technology company - at the same time that IBM says it is in talks with a major Chinese player to sell its PC making business.
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IBM appears close to signing a deal to turn its PC business over to Lenovo Group of China. Industry experts say it makes sense for IBM to get out of the low-margin PC business, but caution that
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TOKYO - China's Lenovo Group Ltd. is in talks with a major international IT company regarding an acquisition, it said in an announcement to the Hong Kong Stock Exchange on Tuesday. The other party was not named.
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China&#39;s Lenovo Group is in talks with an unnamed major international IT company regarding a &quot;very substantial acquisition&quot;, the company announced yesterday.
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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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Speculation surrounding the sale of part of the IT company IBM today intensified as the Lenovo Group, China&#39;s leading PC brand, said negotiations with another manufacturer were at an &quot;advanced stage&quot;.
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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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SHANGHAI : China&#39;s largest manufacturer of personal computers Lenovo Group said it is in negotiations with a major information technology company, believed to be US-based IBM.
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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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Chinese computer maker Lenovo says talks are at an "advanced stage" over a major IT deal, believed to be with IBM.
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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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Ziff Davis - IBM's decision to sell its PC business to Chinese computer maker Lenovo Group Ltd. is offering lessons both in how to expand into emerging markets and how federal regulators will view such deals.