PC maker Lenovo (you know - the one which bought IBM's ThinkPad business back in
2004) just announced that it has agreed to sell its loss-making handset and
mobile phone business for US$ 100 million to a private equity firm controlled by
its parent Legend Holdings.
Lenovo Mobile, which isn't well known for its Windows Mobile PDAs and
smartphones since these devices are mainly on sale in Mainland China only, made losses
of 134 million Yuan in the 2007 calendar year and its the last part of Lenovo's
non-core business expansion started in 2001.
Hony Capital Fund, a private equity firm partly owned by Legend Holdings, will
acquire the entire registered capital of Lenovo Mobile from Lenovo Group. Legend
Group owns over 42 percent of Lenovo Group.
Cheers ~ Arne