IBM plans to sell up to $150m worth of Len­ovo shares

The Pak Banker - - COMPANIES/BOSS -

SAN FRAN­CISCO: Com­put­ing gi­ant In­ter­na­tional Busi­ness Ma­chines Corp (IBM) plans to sell up to $150 mil­lion worth of shares in China's Len­ovo Group Ltd, IFR re­ported on Wed­nes­day, cit­ing a term sheet of the deal sent to in­vestors.

IBM is of­fer­ing 182 mil­lion shares in an in­dica­tive range of HK$6.26 ($0.8052) to HK$6.42 each, added IFR, a Thom­son Reuters pub­li­ca­tion. The price is equiv­a­lent to a dis­count of up to 6.4 per­cent to Len­ovo's clos­ing price on Wed­nes­day. IBM and Len­ovo didn't im­me­di­ately re­spond to Reuters re­quests for com­ment on the sale. Gold­man Sachs was hired as sole bookrun­ner for the deal, the terms showed.

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