Lenovo repurchases mobile phone arm

Lenovo buys back its mobile phone arm which it had sold at start of 2008 at US$200 million, sees "mobile Internet as a key growth opportunity".
Written by David Meyer, Contributor on

Lenovo has bought back the mobile phone arm that it sold to a private equity firm at the start of 2008, the company said last week.

The manufacturer sold Lenovo Mobile to the Hony Group for US$100 million just under two years ago, and has now bought it back for US$200 million in cash and stock.

According to the company, Lenovo Mobile is the number three handset maker in China.

"As Lenovo's global PC business continues to make steady progress, we view mobile Internet as a key growth opportunity moving forward globally," group CEO Yang Yuanqing said in a statement.

"Lenovo has prepared itself in this area. We have developed first class products with excellent hardware and operating systems integration. We will launch these innovative new products in China soon."

Read more of "Lenovo repurchases mobile phone arm" from ZDNet UK.

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