US clears $2.3 bln Lenovo deal for IBM unit

Aug 15, 2014

IBM said Friday that US authorities had cleared a $2.3 billion deal allowing China-based Lenovo to take over its server unit after a national security review.

The Committee on Foreign Investment in the United States (CFIUS), which reviews takeovers which could have implications, notified IBM "of the successful conclusion of the committee's review," the company said in a statement.

"The clearance by CFIUS of this transaction is good news for both IBM and Lenovo, and for our customers and employees," it said.

"The parties now look forward to closing the transaction."

The approval "enables IBM to focus on system and software innovations that bring new kinds of value to IBM clients in areas such as cognitive computing, Big Data and cloud," IBM added.

In 2005, Lenovo bought IBM's personal computer unit, and the Chinese group has since become the largest manufacturer in the sector.

Explore further: Lenovo eyes takeover, with IBM server unit in focus

add to favorites email to friend print save as pdf

Related Stories

IBM to work to curb China pollution

Jul 07, 2014

IBM said Monday it had signed an agreement to help curb pollution in China, starting with the dangerous smog that afflicts Beijing.

Recommended for you

EU Parliament votes to break up Google

Nov 27, 2014

The European Parliament voted overwhelmingly for the break-up of Google Thursday in a largely symbolic vote that nevertheless cast another blow in the four-year standoff between Brussels and the US Internet ...

Toyota finds new air bag issue, recalls more cars

Nov 27, 2014

Toyota Motor Corp. recalled more than 40,000 vehicles in Japan on Thursday as part of a worldwide scare over defective air bags and is investigating a new type of air bag problem that could lead to further recalls.

Netflix sues Yahoo CIO for alleged kickbacks

Nov 26, 2014

Netflix is suing a former company vice president who is now chief information officer at Yahoo, accusing him of receiving money from vendors he hired to work with the video streaming company.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.