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4 years ago
Lenovo Group shares jump more than 8 percent after IBM server deal
January 24, 2014 / 2:00 AM / 4 years ago

Lenovo Group shares jump more than 8 percent after IBM server deal

HONG KONG, Jan 24 (Reuters) - Shares in Chinese PC giant Lenovo Group Ltd jumped as much as 8 percent on the Hong Kong market on Friday after the company agreed to buy IBM Corp's low-end server business for $2.3 billion.

The acquisition of the IBM unit, still subject to approval from the Committee on Foreign Investment in the United States (CFIUS), would lift Lenovo's market share in the server market to 14 percent from 2 percent currently, said Peter Hortensius, senior vice-president at Lenovo and president of its Think Business Group.

At 0146 GMT, shares in the company were up 6.4 percent at HK$10.98, outperforming a 0.7 percent loss in the benchmark Hang Seng Index.

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