September 4, 2012 / 10:56 AM / 5 years ago

Japan's NEC seeks to sell entire Lenovo stake in $235 mln deal -IFR

HONG KONG, Sept 4 (Reuters) - Japanese IT solutions and technology firm NEC Corp plans to sell its entire stake in Lenovo Group, the world’s No.2 PC maker by sales, in a block deal worth about $235 million, IFR reported on Tuesday, citing a term sheet of the transaction.

The company is offering 281 million shares at a price range of HK$6.3 to HK$6.5, putting the total deal at up to HK$1.83 billion ($235 million), added IFR, a Thomson Reuters publication. The offering price is equivalent to a discount of 1.8 percent to 4.8 percent to Lenovo’s Tuesday closing price of HK$6.62, it added.

Credit Suisse was hired as sole bookrunner on the deal. ($1 = 7.7571 Hong Kong dollars) (Reporting by Fiona Lau; Writing by Elzio Barreto; Editing by Muralikumar Anantharaman)

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