Lenovo closes IBM PC deal

3 May 2005 – Beijing (CHN): China’s Lenovo Group has closed the deal to purchase IBM’s PC division for $1.25 billion, creating the world’s third largest personal computing company.

Lenovo expects its combined annual PC revenue to reach $13 billion, representing a four-fold increase from the company’s current PC business.

IBM will take an 18.9 per cent stake in the Chinese company.