Lenovo to Acquire Mobile Handset Business
Nov 29, 2009 business, security
Lenovo Group today announced that it is getting the stallion pursuit of Lenovo Mobile Communication Technology Ltd. from a group of investors led by Hony Capital, the private fairness limb of Legend Holdings. Consideration of the acquirement is approximately US$200 one thousand thousand in cash and Lenovo shares. Today’s annunciation signals that Lenovo is gearing up its efforts in the burgeoning mobile Net market in mainland China. Lenovo Mobile River now ranks No.3 in China’s mobile French telephone market and is the No.1 domestic blade. The transaction is conditional upon Lenovo independent shareholder approval.
Convergence between the personal computing and mobile handset industry has been a headstone engineering style over the past tense several days worldwide. The two technologies today provide very different user experiences that ar evolving and combining to create new generations of devices, applications and Internet services. In addition, China is entry a high growth form. Driven by the government and telecommunication service carriers, the demand for mobile Net devices has created a huge market.
Industry analysts project the China mobile Internet market volition grow to exceed US$16 billion by 2014, fueled by the rapid evolution of 3G mobile broadband and accompanying multimedia system Net services.
As a global leader in IT manufacture, Lenovo has been chase the byplay opportunity in the fasting maturation mobile Internet market. With this acquisition, Lenovo aims to maximize the combined synergies of the two companies in product founding, lean manufacturing, strong distribution channels and retail comportment to lead the market for new mobile handheld devices in China.
Yang Yuanqing, chief executive officer of Lenovo Group, said: “As Lenovo’s global PC business continues to shuffling steady progress, we sight mobile Net as a headstone outgrowth opportunity moving forward globally. Lenovo has prepared itself in this surface area. We wealthy person developed first class products with excellent computer hardware and operating systems desegregation. We volition launch these innovative new products in China soon. With enovo’s brand, strong channel and excellent procedure platform, we’re confident in our ability to execute our mobile Net strategy and shuffling it our next growth locomotive engine after the mainland China byplay.”
Lenovo Mobile River has an experienced and successful leading team in the mainland China mobile industry, healthy financial performance, an extensive channel mesh, and good relationships with house servant telecommunication carriers in China.
Tags: business, company news, financial news, international news, lenovo, politics, stock markets, us news
Leave a Reply