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Lenovo buys back mobile handset operations Friday 27 November 2009 | 01:56 PM CET
 
Lenovo Group is acquiring the entire interest of Lenovo Mobile Communication Technology from a group of investors led by Hony Capital, the private equity arm of Legend Holdings. The company will pay USD 200 million in cash and Lenovo shares. This announcement signals that Lenovo is gearing up its efforts in the burgeoning mobile internet market in China. With this acquisition, Lenovo aims to maximise the combined synergies of the two companies in product innovation, lean manufacturing, strong distribution channels and retail presence to lead the market for new mobile handheld devices in China. The transaction is conditional upon Lenovo independent shareholder approval. Lenovo divested Lenovo Mobile in March 2008 in order to refocus on the group's core PC business and this acquisition reflects the changed market conditions of the past eighteen months.
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