Competition Heats Up as IBM Sells PC Unit to China&#39;s Lenovo
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On 7 December 2004, IBM and China&#39;s Lenovo announced that Lenovo will acquire IBM&#39;s PC business for a total of $1.75 billion in cash and shares.
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The deal makes the Chinese company the world&#39;s third biggest PC maker and pushes IBM to the sidelines of a field it once ruled.
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Lenovo, China&#39;s largest personal computer maker, will pay US$1.75 billion (HK$13.65 billion) in cash, stock and assumed debt for IBM&#39;s struggling PC operations in a move that will make it the world&#39;s third-biggest PC manufacturer and fulfil its long-held
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Lenovo Group&#39;s takeover of IBM&#39;s personal computer business is a giant step in a multibillion-dollar foreign expansion by China, which is buying auto, television and telecommunications companies abroad.
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IBM, the company that invented the PC, has put its PC business up for sale, according to the New York Times, and is in discussions with China&#39;s largest maker of personal computers, Lenovo Group (formerly Legend Group), and at least one other potential
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The immediate future of the computer industry -- and its biggest players -- took center stage Tuesday after IBM announced it is selling its PC business to a Chinese technology giant.
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Although virtually unknown in the United States, Lenovo--said to be in talks to buy IBM&#39;s personal computer business--is China&#39;s largest PC maker and the world&#39;s fastest-growing one.
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IBM&#39;s decision this past week to sell a majority stake in its personal computer business to Lenovo Group, a vendor based in China, for $1.75 billion in cash, stock, and debt assumption, is
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IBM's decision to sell its personal computer business to China-based Lenovo gives the world's third-largest nation the distinction of housing what will soon be the world's third-largest PC maker. On a deeper level, the deal also marks a changing of the guard in the PC business and rearranges the game board for rivals Dell and Hewlett-Packard.
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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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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.
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Squeezed at home, China&#39;s biggest computer maker, Lenovo, is buying IBM&#39;s money-losing PC business. But venturing abroad is fraught with risk.
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China&#39;s personal computer giant Lenovo Group Limited Wednesday signed an agreement with IBM to take over the latter&#39;s personal computer business for 1.25 billionUS dollars.
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Lenovo will pay $1.75 billion for IBM&#39;s PC business unit but will continue to use the IBM brand for five years. By Paul McDougall, and Darrell Dunn.
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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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IBM's decision to sell its PC business to China's Lenovo Group Ltd. underscores the challenges manufacturers face in the modern PC business, even for a company synonymous with the product.
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International Business Machines Corp. agreed to sell its personal computing business to China&#39;s largest computer maker, Lenovo Group Ltd.