Lenovo to buy IBM's low-end server business for $2.3bn
Jan 23, 2014
Chinese computer giant Lenovo will buy IBM's low-end server business for $2.3 billion, it Thursday, giving it a platform to compete in that sector with US giants Dell and Hewlett-Packard.IBM will receive $2.07 billion in cash and the rest in shares for the x86 business, Lenovo said, in a deal seen as helping the Chinese firm diversify away from the slumping PC-sales sector.IBM will still provide maintenance on behalf of Lenovo, while some 7,500 members of staff worldwide will be offered employme