Chinese PC maker Lenovo Group Ltd agreed to purchase IBM Corp's low-end server business for $2.3 billion in what is set to be China's biggest technology deal.The long-awaited acquisition comes nearly a decade after Lenovo bought IBM's loss-making ThinkPad business for $1.75 billion, eventually becoming the world leader in personal computers in 2012.The sale of the low-end server operation - which still needs U.S. government approval - would allow International Business Machines (IBM) to focus on its decade-long shift to more profitable software and services.For Lenovo, the deal would increase its market share in the server market to 14 percent from 2 percent, said Peter Hortensius, senior vice-president at Lenovo and president of its Think Business Group.
International Business Machines Corporation (IBM) is an information technology (IT) company. Shares of IBM traded higher by 0.09% or $0.16/share to $182.41. In the past year, the shares have traded as low as $172.57 and as high as $215.90. On average, 5178020 shares of IBM exchange hands on a given day and today's volume is recorded at 3977401.
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