Lenovo Group and PCCW set up a joint venture with a total transaction value of over US$600 million

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 Titanium Media App reported on June 15 that Lenovo Group announced on the Hong Kong Stock Exchange today that it has signed a definitive agreement with PCCW Limited, the No. 1 system integration and application developer in Hong Kong, to establish PCCW Lenovo Technology Solutions Limited (“PLTS”). ) joint venture to establish a technology solutions business in the Asia Pacific region.  The total amount of this cooperation transaction is approximately US$613.6 million, including US$513.6 million in cash and Lenovo Group shares equivalent to US$100 million (which will be paid by PCCW through the allotment and issuance of 86,424,677 Lenovo Group shares upon completion). The allotted and issued shares will be issued at HK$9.025 per share, which represents a 19.2% premium to the closing price on June 14, 2022.  Upon completion of the transaction, Lenovo Group will hold an 84% stake in PLTS, including through a direct 80% stake in PLTS and a 20% stake in PCCW Network Services, the IT solutions business of PCCW. holding company. PLTS will focus on expanding its business mainly in the Asia Pacific region.  Huang Jianheng, executive vice president of Lenovo Group and president of the solution service business group, said that this cooperation further accelerated Lenovo's transformation from an intelligent device and infrastructure company to a solution service-oriented global IT enterprise.

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