Lenovo receives funding
1 April 2005
Saying they believe Lenovo can achieve substantial savings and benefits from IBM's PC operations, three US private-equity firms are investing a total of US$350m in China's largest PC maker. The investment firms -- Texas Pacific Group, General Atlantic LLC and the Newbridge Capital LLC affiliate of Texas Pacific and Blum Capital Partners -- will receive a 10.8% stake in the form of new preferred shares and warrants under the agreement, pending shareholders' approval.