IBM to Sell Server Business to China-Based Lenovo for $2.3 Billion
A deal that has been rumored for several months, China-based PC maker Lenovo Group Ltd has agreed purchase IBM’s server business in the biggest merger deal in Chinese history, worth $2.3 billion.
Lenovo rose to the top of the PC industry after acquiring IBM’s struggling ThinkPad business for $1.75 billion in 2005. But with powerful competition from smartphones and tablets, the Beijing-based computer company is seeking to diversify by moving into the x86 server business.
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