IBM Selling PC Unit to China's Lenovo
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HONG KONG/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.  firm's retreat from an industry it helped pioneer in 1981.
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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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IBM yesterday sold its personal computer business to China&#39;s leading manufacturer, Lenovo, in a deal that reflects the profound changes taking place in the economic world order and marks the end of an era for one of America&#39;s most iconic companies.
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In detailing its agreement to acquire IBM's personal computing division, China's Lenovo Group revealed data about growing warranty costs for Big Blue's PC business, and in doing so raised questions about quality control issues.
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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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BEIJING, Dec. 31 -- The biggest Chinese computer maker Lenovo Group acquired the personal computer unit of the world&#39;s largest information technology giant IBM on December 8 at a cost of US$1.75 billion.
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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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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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This week, IBM said it is selling off most of its PC division to Lenovo, China&#39;s No. 1 PC maker. The news is likely to rattle IBM customers - but it may end up benefiting them long term.
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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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BEIJING - China&#39;s largest personal computer maker, Lenovo Group Ltd, announced on Wednesday that it is buying control of IBM&#39;s PC-making business for US$1.25 billion, capping the US tech giant&#39;s gradual withdrawal from the business it helped pioneer in
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IBM is selling its PC-making business to China's largest personal computer company, Lenovo Group Ltd., for &#36;1.25 billion, marking the U.S. company's retreat from an industry it helped pioneer in 1981.
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IBM may need to do some creative deal making in order to sell PC business to China&#39;s Lenovo. By Robert Cyran, Breakingviews. LONDON (Breakingviews) - It&#39;s no surprise IBM is in talks to sell its PC business
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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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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 discussing selling its PC business to Lenovo Group Ltd., China's largest maker of personal computers, and at least one other potential buyer, according to The New York Times.
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IBM&#39;s personal computer business, which it is selling to Lenovo Group of China, has lost money for the past 3 1/2 years. International Business Machines Corp.