Lenovo-IBM Deal Sees Completion
Lenovo has now completed the acquisition of IBM’s Personal Computing Division making it the third-largest PC company in the world.
“The closing of this transaction is an historic event for Lenovo and marks a new era for the global PC industry,” said Lenovo chairman, Yuanqing Yang. “The new Lenovo’s strategy is based on what our customers want: high-quality products and world-class service. We are committed to delivering the highest quality, most innovative PC products and services to our customers, to providing the best working environment for our employees, and to creating value for our shareholders.”
“Lenovo is well-positioned, with competitive strengths in branding, world-class scale and industry-leading efficiency,” said Stephen M. Ward, Jr., chief executive officer of Lenovo. “Lenovo’s leading R&D and product differentiation capabilities, experienced management team and global distribution network – through our unique alliance with IBM – give us a powerful competitive position in global markets. Within weeks, we will be introducing new products as the new Lenovo.”
Lenovo has paid IBM $1.25 billion in cash and Lenovo Group shares. IBM owns 18.9% of Lenovo.
The deal first announced in December and then approved by shareholders in January.