Lenovo Group has announced an agreement to buy a majority stake in Fujitsu Ltd’s personal computer business for up to $157 million. The Chinese manufacturer will own a 51% stake in the new venture. Negotiations between Lenovo and Fujitsu started more than a year ago, had first announced in October 2016 that they were exploring cooperation in their PC business. Lenovo said it would pay 17.85 billion yen ($156.70 million) in cash, and 2.55 billion-12.75 billion yen based on performance to 2020, for a 51 percent stake Fujitsu Client Computing Ltd.
Lenovo lost its title as the world’s largest PC maker to HP Inc earlier this year, but the Chinese manufacturer already leads the Japanese market through a joint venture formed with NEC in 2011.