The final agreement of this acquisition was announced on February 8, 2004, and was approved by Lenovo shareholders on October 27, 2005. The completion of the acquisition means the completion of all important terms in the final agreement.
Completed the acquisition of IBM's global PC business, and appointed Yang to replace Liu Chuanzhi as the chairman of Lenovo's board of directors, and Liu Chuanzhi as a non-executive director. Stephen Ward, former senior vice president of IBM and general manager of IBM Personal Systems Division, became CEO and director of Lenovo Group.
After the merger, the new Lenovo will become the third largest PC manufacturer in the world, with annual sales of $654.38+03 billion. According to the terms of the acquisition transaction, Lenovo has paid IBM a transaction consideration of $65.438+25 billion, including about $650 million in cash and Lenovo shares worth $600 million according to the closing price of the stock on the last trading day before the transaction was announced in February 2004. After the transaction is completed, IBM owns Lenovo 18.9% equity.