January 23, 2014

Lenovo Agrees to Buy IBM Server Business for $2.3 Billion

Lenovo said on Thursday that it would pay $2.3 billion for IBM’s low-end server business, successfully concluding a deal that had fizzled a year earlier after the two parties failed to agree on a price.

Lenovo said it would settle the transaction with $2 billion in cash and the balance in its own Hong Kong-listed shares. About 7,500 IBM employees in locations including Raleigh, N.C., Shanghai and Shenzhen in China, and Taipei, Taiwan, were expected to be offered employment by Lenovo, the Chinese company said in a statement.

Read more at the New York Times.

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