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China company buys IBM PC business

REUTERS, HongKong/San Francisco
IBM is selling its PC-making business to China's largest personal computer company, Lenovo Group Ltd., for $1.25 billion, marking the US firm's retreat from an industry it helped pioneer in 1981.
The deal, which forms the world's third-largcst PC maker, is the largest overseas acquisition by a Chinese company and the latest example of a mainland firm buying a Western brand to make its mark on the world stage.
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Machines to focus on higher-margin businesses such as computer services and software. IBM will book a pre-tax gain of $900 million to $ 1.2 billion and improve gross profit margins by 3 percentage points, it said.
"On paper, this goes a way to achieving what Lenovo and IBM are hoping to achieve. Now it’s up to execution," said Gartner analyst Martin Gilliland.
The deal calls for Lenovo to pay IBM $650 million in cash, $600 million in stock and assume $500 million in debt. It took 13 months to negotiate and is expected to close in the second quarter of next year.
IBM will hold an 18.9 percent stake in Lenovo, which will relocate its PC headquarters from Beijing to New York and possibly list shares on Nasdaq or the New York Stock Exchange (news-websites).Stephen Ward, IBM senior vice president, will become Lenovo's chief executive.
"The price tag was a little bit lower than I would have expected," said Marty Shagrin, an analyst at Victory Capital Management in Cleveland, Ohio, which holds IBM shares in its $40 billion portfolio.
"But obsessing about the price misses the point that IBM for a long
time has wanted to become more of a services and software company."
The deal makes Lenovo part of a small but growing group of Chinese manufacturers buying overseas brands. Notable among them isTCL International Holdings* Ltd., which controls the RCA television brand through a joint venture it set up with France'sThomson
"Chinese companies want to have a bigger part of the value chain," said William DeVijlder, chief investment officer at Fortis Investments. "We will see that in the future, that Chinese companies who have been very successful, who are cash-rich, will use their financial states - their financial health - to buy stakes in other companies."
For Lenovo, which is battling intense competition in its home market, the deal with the world’s largest computer company marks a breakthrough in its efforts to build its business overseas.
Lenovo will jump from eighth place among PC makers to number three, combining its 2.2 percent share with the 5.5 percent held by IBM, according to Gartner. The combined businesses had sales of $12 billion last year.