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U.S. firms invest $350m in Lenovo
(Agencies)
Updated: 2005-03-31 10:15

Lenovo, China's top computer maker, said Thursday three U.S. private equity firms have agreed to invest $350 million in the company, with part of the investment going toward its purchase of IBM's PC business.

Hong Kong-listed Lenovo Group Ltd. said Texas Pacific Group will invest $200 million, General Atlantic LLC will put up $100 million and Newbridge Capital LLC will invest $50 million.

A Chinese salesman (R) talks with the customers in front of Lenovo signage at a computer shop in Beijing in this March 10, 2005 file photo. Three U.S. private equity firms - Texas Pacific Group, General Atlantic LLC and Newbridge Capital LLC - have agreed to invest US$350 million in the Lenovo Group Ltd., the Chinese computer maker that is buying IBM's personal computer business, the parties confirmed on Wednesday. [Reuters]

It said $150 million will be used to fund the IBM deal and the rest will be for general use.

In return, the three U.S. firms will get 2.73 million preferred shares at $128.20 per share, which can be converted into about 1 billion common shares, and warrants for 237.4 million shares, Lenovo said.

If the warrants are exercised and the preferred shares are converted — and taking into account the issue of shares to IBM as part of its sale of its PC unit — the three investors will own a 12.4 stake in Lenovo.

Lenovo, which is partially owned by the Chinese government, had been expected to need more funds to cope with its $1.75 billion purchase of International Business Machines Corp.'s personal computing division.

The U.S. government recently approved the deal.

Texas Pacific, which operates from Fort Worth, Texas, was Lenovo's leading contender for the IBM unit.

Lenovo said in its Thursday statement the IBM deal is "on track" and expected to conclude in the second quarter of the year.

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