From Reuters: “China’s largest personal computer maker, Lenovo Group Ltd. (0992.HK: Quote ,Profile ,Research ) , said on Wednesday it is buying control of IBM’s PC-making business for $1.25 billion, capping the U.S. tech giant’s gradual withdrawal from the business it helped pioneer in 1981.
The agreement, which forms the world’s third largest PC business, calls for Lenovo to pay IBM $650 million in cash, $600 million in Lenovo Group common stock and for Lenovo to assume $500 million in net balance sheet liabilities from IBM. ”
