IBM Sells PC Business for $1.75B
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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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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 has gained a crucial foothold in China by selling its PC business to Lenovo, the countryâs biggest computer maker, for $1.75 billion (Â£900 million) in cash, shares and debt.
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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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BEIJING -- China&#39;s biggest computer maker said it has acquired a majority stake in IBM&#39;s personal computer business for $1.75 billion dollars in one of the biggest Chinese overseas acquisitions ever.
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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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IBM&#39;s (IBM.N: Quote, Profile, Research) PC unit piled up nearly $1 billion in cumulative losses in recent years, the company said in a filing on Thursday detailing the planned sale of the business to China&#39;s Lenovo Group.
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China&#39;s largest manufacturer of personal computers, Lenovo Group, has bought IBM&#39;s PC business for $1.25 billion, making it the world&#39;s number three in the sector.
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The $1.75 billion deal represents the latest upheaval in an industry in which personal computers and the components that go into them have largely become commodities, parked on desktops everywhere and available at Wal-Mart for under $300.-The Washington Post
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IBM IBM.N is reportedly in  talks to sell its personal computer business in a deal that  could be worth up to $2 billion and would cap a gradual  withdrawal from the business it helped to pioneer in 1981.
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IBM IBM.N is looking to sell  its personal computer business in a deal that could be worth up  to $2 billion, The New York Times reported on Friday, capping a  gradual withdrawal from the business it pioneered.
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IBM IBM.N is looking to sell its personal computer business in a deal that could be worth up to $2 billion, The New York Times reported on Friday, capping a gradual withdrawal from the business it pioneered.
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IBM Corp. said Wednesday it cut 1,753 jobs, mostly in its U.S. technology-services unit, as part of a continuing operations overhaul.
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China&#39;s largest personal computer maker, Lenovo Group Ltd. (0992.HK: Quote, Profile, Research) , said on Wednesday it is buying control of IBM&#39;s PC-making business for $1.25
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BEIJING- Chinese computer maker Lenovo Group said Wednesday it will take over IBMÂ´s personal computer business, creating the worldÂ´s third-largest PC maker in a $1.75 billion deal that announces ChinaÂ´s ambitions to become a key player in the global
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International Business Machines Corp.  IBM.N has put its personal computing business up for sale in  a deal that could be worth as much as $2 billion, the New York  Times reported on Friday.
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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