Lenovo buys IBM PC division

Industry giant IBM has sold its PC division to Lenovo, China's largest IT enterprise:
The two companies plan to form a complex joint venture that would make Lenovo the third-largest PC maker in the world, behind Dell and Hewlett-Packard, but still give IBM a hand in the PC business. The acquisition is expected to be completed in the second quarter of 2005.
Lenovo was previously the world's ninth-largest PC maker with only 0.1% greater market share than Apple Computer.
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