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

New iPhones deliver big profits for Apple

30 minutes ago

The new big-screen iPhones helped propel Apple's profit and revenue in the past quarter, as the California tech giant delivered stronger-than-expected results.

Facebook sues law firms, claims fraud

1 hour ago

Facebook is suing several law firms that represented a man who claimed he owned half of the social network and was entitled to billions of dollars from the company and its CEO Mark Zuckerberg.

IBM 3Q disappoints as it sheds 'empty calories'

1 hour ago

IBM disappointed investors Monday, reporting weak revenue growth again and a big charge to shed its costly chipmaking division as the tech giant tries to steer its business toward cloud computing and social-mobile ...

MasterCard, Zwipe announce fingerprint-sensor card

Oct 18, 2014

On Friday, MasterCard and Oslo, Norway-based Zwipe announced the launch of a contactless payment card featuring an integrated fingerprint sensor. Say goodbye to PINs. This card, they said, is the world's ...

User comments : 0