Lenovo sells shrinking cellphone branch for $100m
by admin on Feb.02, 2008, under Lenovo
Lenovo has revealed a deal with Hony Capital to offload its cellphone business, a branch of the company little known about outside of the Chinese market. The private equity firm will pay $100m for the group.
Shipments of Lenovo cellphones had dropped 31-percent in the last quarter, generating sales of $108m. This compares poorly to notebook sales, which rose 38-percent year-on-year, generating sales of $2.6bn.
The deal must be approved by shareholders before it can be completed.
