International Business Machines Corp said on Friday that U.S. regulators had approved the $2.3 billion sale of its low-end server business to Lenovo Group Ltd, as the company continues its shift to more profitable software and services like cloud computing and data analytics.IBM has already divested $16 billion in annual revenue over the past decade from low-margin businesses like personal computers and printers.The approval by the Committee on Foreign Investment in the United States came despite CIFUS members' concern, first reported by the Wall Street Journal earlier this year, that IBM servers used in the Pentagon's networks could be accessed remotely by Chinese spies and compromised.Lenovo has been through the secretive CFIUS process three times before and has won approval each time, according to a source familiar with the process.
International Business Machines Corporation (IBM) is an information technology (IT) company. Shares of IBM fell by 0.27% or $-0.5/share to $187.38. In the past year, the shares have traded as low as $172.19 and as high as $199.21. On average, 3785550 shares of IBM exchange hands on a given day and today's volume is recorded at 2814815.
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