IBM Deal Puts Lenovo on Global Stage
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The deal is a dramatic sign of the ongoing transformation of the still nominally communist People's Republic of China into an increasingly outward-looking nation integrating itself into the world economy.-The Washington Post
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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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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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US technology giant IBM is selling its personal computing business to China&#39;s biggest PC maker. The deal highlights China&#39;s growing economic clout and global reach.
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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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Lenovo Group&#39;s takeover of IBM&#39;s personal computer business is a giant step in a multibillion-dollar foreign expansion by corporate China, which is buying auto, television and telecommunications companies abroad.
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HONG KONG/SAN FRANCISCO  - China's largest  personal computer maker, Lenovo Group Ltd., said on Tuesday it  was in acquisition talks with a major technology company, which  a source familiar with the situation said was IBM.
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China's largest manufacturer of personal computers Lenovo Group said it has bought IBM's PC business for 1.25 billion dollars, making it the world's number three in the intensely competitive field.
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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.
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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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Chinese PC vendor Lenovo announced its acquisition of IBM&#39;s Personal Computing Division (PCD) for a combination of cash and stock totaling US$1.25 billion.
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IBM is selling its PC hardware business to number one Chinese computer maker Lenovo.
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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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&quot;On behalf of the Board of the Lenovo Directors I am honored to announced to the world that Lenovo Group has bought IBM&#39;s PC division for US$1.25 billion.
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The largest computer company in China, the Lenovo Group, has bought a majority stake in the PC-making business of the multinational IBM.
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IBM&#39;s decision to sell its PC business to China&#39;s Lenovo caught many by surprise. To get the Chinese company&#39;s perspective on the deal, BusinessWeek Beijing Bureau Chief Dexter Roberts spoke with Lenovo Chief Financial Officer Mary Ma by phone on Dec.
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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.