Japan's NEC To Sell Lenovo Stake In $230 Mn Deal

Cash-strapped computer services provider NEC Corp will sell its entire stake in China’s Lenovo Group Ltd in a transaction worth about 18 billion yen ($230 million), a source with direct knowledge of the matter said.

The source added that NEC would maintain its joint venture with Lenovo in Japan.

The details were in line with a report earlier on Tuesday by IFR, a Thomson Reuters publication. IFR said the offering price in the deal was equivalent to a discount of 1.8 percent to 4.8 percent to Lenovo’s Tuesday closing price of HK$6.62, and that Credit Suisse was hired as sole bookrunner on the deal.