Lenovo buys 51% of Fujitsu’s PC unit for up to $269m amid weak sales
Hong Kong — Lenovo Group has agreed to buy a majority stake in Fujitsu’s personal computer (PEC) unit for up to $269m, in a bid to corner a larger share of a market that is battling weak sales as more people switch to mobile devices. Having lost the world’s largest PC maker crown to HP this year, Lenovo has been looking for ways strengthen its core business. Weakness in this segment contributed to a profit decline between July and September, after pushing it into the red for the first time since 2015 in the previous quarter. "PC is still the core of Lenovo. It is still a very decent market ... commercial customers will still use PC," Lenovo chairman and CEO Yang Yuanqing said. "I think it is worth investing in this area." Lenovo said it would pay ¥17.85bn ($156.70m) in cash, and ¥2.55bn to ¥12.75bn based on performance to 2020, for a 51% stake Fujitsu Client Computing. "Lenovo has been trailing HP at the global level by about one and two percentage points of share for the past two q...
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