Beijing - QNA
Lenovo Group, the world's biggest personal computer maker, has finished the acquisition of the X86 server hardware and related maintenance services business from IBM, Lenovo said late Thursday.
In a statement filed to the Hong Kong stock exchange and carried by Chinese News Agecny (Xinhua), the Beijing-based PC maker said it paid 1.847 billion U.S. dollars in cash and allotted 182 million Lenovo shares to IBM for the takeover.
Within one year from Oct. 1, IBM is restricted from offering, selling, transferring or otherwise disposing of the 182 million shares, according to the statement.
With the acquisition, Lenovo has become the world's third largest manufacturer of X86 servers.
The new business would further enhance Lenovo's competitiveness in enterprise equipments and services, said Yang Yuanqing, Lenovo board chairman and CEO.
Lenovo share prices opened 0.5 percent lower to 11.5 HK dollars (about 1.48 U.S. dollars) on Friday in Hong Kong.