Lenovo to Buy IBM Server Unit for $2.3 Billion Amid Slump

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Lenovo Group Ltd., the world’s largest maker of personal computers, agreed to buy International Business Machines Corp. (IBM)’s low-end server business for $2.3 billion amid the PC industry’s worst-ever decline.

The deal price includes about $2 billion of cash and the rest in Lenovo stock, the companies said in a statement today. The purchase adds IBM’s business using x86 processors as well as System x, BladeCenter and Flex System blade servers and switches that run corporate computer networks.

Chief Executive Officer Yang Yuanqing has weathered the global PC industry slump and maintained growth by expanding his ThinkPad notebooks into markets across Europe and South America, while adding mobile devices. Now he’s pushing into a business with wider profit margins than PCs, and adding about $4.6 billion of annual revenue, by offering storage equipment and servers via Lenovo’s largest acquisition yet. 

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