December 8: IBM sells PC’s, Laptops to Lenovo
2004 - It was an interesting day in the Tech community when we heard the news. IBM was getting out of the desktop and laptop markets and focus on server and infrastructure. They started by selling all their assets to Lenovo – China’s largest computer manufacturer. Lenovo wasn’t a household name in the US, but this pretty much changed that overnight.
The deal was for $650 in cash and $600 million in stock. Lenovo would also acquire $500 million in IBM liabilities, which would put the total to $1.75 Billion. In return, Lenovo would instantly become the 3rd largest PC vendor with $12 Billion in revenue, not to mention major markets in both China and the U.S.
Sponsor: Visit gotomeeting.com, click the try it free button and use promo code:Podcast.
Other Historical Events in Technology
- RCA demonstrates Split Screen technology for the first time.
- Patent for Coaxial cable
- Atari sues Coleco, Coleco sues back.