Chinese Computer Maker to Acquire IBM PC Unit
Posted on: Saturday, 11 December 2004, 12:00 CST
China's biggest computer maker, Lenovo Group, said late Tuesday it has acquired a majority stake in International Business Machines Corp.'s personal computer business for $1.25 billion, one of the biggest Chinese overseas acquisitions ever.
IBM will keep an 18.5 percent stake in the company, said Lenovo's chairman, Liu Chuanzhi.
Lenovo is taking over IBM's desktop PC business, including research and development and manufacturing, Liu told reporters.
The acquisition would make Lenovo the third-largest PC company in the world, he said.
Like other major Chinese manufacturers hoping to expand overseas, Lenovo is planning to leverage a well-known foreign brand name. Liu said the company would be entitled to freely use IBM's brand name in five years' time.
Lenovo is China's biggest computer maker, claiming a 27 percent market share, and is also the biggest in Asia. Its shares are traded in Hong Kong.
Source: Tulsa World
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