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Lenovo to buy back Lenovo Mobile for $200 million
by Fudzilla staff on30 November 2009
Sold it for $100 million last year
Lenovo announced Friday it would buy back Lenovo Mobile Communication Technology for $200 million.
Lenovo originally sold its mobile business in March 2008 for $100 million, so Lenovo basically lost about $5 million each month since the sale. The move will cost Lenovo $154 million in cash, while the remaining $46 million will be paid in 80.89 million consideration shares.
Lenovo claims mobile internet will become an important strategic business in the future and become a key growth point for the company. We are not sure why they failed realize this fact a year and a half ago and save themselves $100 million.