IBM Sells Their PC Business

Believe it or not, IBM has sold their PC business to Lenovo, a Chinese computer manufacturer. Lenovo acquired the property for $650 million plus $600 million in their company stock. This gives IBM 18.9% ownership of Lenovo, while Lenovo ends up with all "Think" associated assets (ThinkPad, ThinkCenter, etc.). This is big news, as IBM was synonymous with the term "personal computer" at one time. I remember a time when all PC's that weren't made by Apple were given the moniker "IBM Compatible". Lenovo plans to hire about 10,000 of the current IBM PC Division employees.

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