IBM sells 3.5% stake in Lenovo
The placement is comfortably covered after a surge in the PC company's share price.
Following an almost 10% run-up in LenovoÆs share price over the past few days, sole bookrunner Citigroup executed a private placement on behalf of IBM on Monday afternoon and evening. The 300 million shares sold in the transaction amount to a 3.5% stake.
IBM raised HK$960 million $123 million through the deal.
Following the sale, IBM û which sold its personal computer division to Lenovo in April 2005 in return for cash and a 15% stake in Lenovo û...
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