Lenovo reinvests in mobile

Vendor looks to buy back its mobile division
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Vendor looks to buy back its mobile division

Lenovo has announced that it is to re-acquire the Mobile Communications arm that it sold to a group of investors last year.

The deal, worth $200 million in cash and shares, is a demonstration of Lenovo’s intent to move in to the emerging Chinese smart phone market, which has been something of a holy grail to mobile phone vendors in recent months and is expected to exceed $16 billion by 2014.

“As Lenovo’s global PC business continues to make steady progress, we view mobile Internet as a key growth opportunity moving forward globally,” commented the Lenovo Group CEO Yang Yuanqing.

“Lenovo has prepared itself in this area. We have developed first class products with excellent hardware and operating systems integration. We will launch these innovative new products in China soon. With Lenovo’s brand, strong channel and excellent operation platform, we’re confident in our ability to execute our mobile Internet strategy and make it our next growth engine after the China business.”