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January 23, 2014 07:15 pm GMT

Lenovo to Buy IBM's Server Business for $2.3 Billion

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Lenovo has agreed to buy IBM's server business for $2.3 billion, the two companies announced early Thursday.

The Chinese personal computer manufacturer will pay IBM about $2 billion in cash and the rest in stock for its x86 server business. The deal, which is still pending regulatory review, marks the largest international tech acquisition ever from a Chinese company.

See also: IBM: In 5 Years, Buying Local Will Beat Buying Online

The two companies had reportedly been in talks for this acquisition in early 2013, but those discussions reportedly broke down over price. IBM was looking for as much as $4.5 billion for the business; Lenovo was looking to pay closer to $2.5 billion. It looks like Lenovo won out Read more...

More about Lenovo, Ibm, and Business

Original Link: http://feeds.mashable.com/~r/Mashable/~3/8pTbKmdT6lo/

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