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: Court orders retraction of back taxes on IBM Japan

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

Visa, MasterCard moving into mobile pay in Africa

19 hours ago

Americans may just be getting used to mobile pay, but consumers in many African countries have been paying with their phones for years. Now payment processors Visa and MasterCard want to get a slice of that market, and are ...

Wireless show highlights: Eyes on Apple, Blackberry

20 hours ago

As a major wireless show continues this week in Barcelona, Spain, Apple is highlighting the capabilities of its iPhone cameras with a gallery of photos taken by its users around the world.

Venture capitalist testifies in Silicon Valley sex-bias suit

Mar 03, 2015

A prominent Silicon Valley venture capitalist who helped direct early investments in Google and Amazon said Tuesday during testimony in a high-profile sex discrimination lawsuit that his firm is not run by men and has many ...

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.