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IBM says sale of low-end server business gets regulator approval
August 15, 2014 / 8:50 PM / 3 years ago

IBM says sale of low-end server business gets regulator approval

Aug 15 (Reuters) - International Business Machine Corp said on Friday that the Committee on Foreign Investment in the United States (CFIUS) has approved the sale of its low-end server business to Lenovo Group Ltd .

In January, China’s Lenovo Group has agreed to buy IBM’s X86-based server business for $2.3 billion in what would be China’s biggest technology deal.

CFIUS, an interagency group chaired by the Treasury Secretary, reviews deals that could bring U.S. businesses under foreign ownership and is required by law to assess any transaction involving a state-owned firm.

“Lenovo can confirm reports that CFIUS has cleared its transaction to acquire IBM’s x86 server business and the companies have completed the regulatory process in the United States,” Lenovo spokesperson said in an email. (Reporting By Lehar Maan in Bangalore; Editing by Maju Samuel)

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