Lenovo looking for faster growth after acquisition of IBM low-end server business

Markets Associated Press

The chairman of Lenovo Group says the company has received U.S. government approval to complete its acquisition of IBM Corp.'s low-end server business and plans to use it to grow faster outside its personal computer business.

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Yang Yuanqing said Monday the $2.1 billion acquisition is due to close Wednesday following a successful review by a U.S. government security panel.

Yang said the IBM assets will add a "growth engine" to a growing array of businesses that include computers, mobile devices and services.

Also this year, Lenovo bought the Motorola Mobility smartphone business from Google Inc. for $2.9 billion, in an effort to expand its mobile technology offerings.

Yang said Lenovo expects "our mobile business and our enterprise business will be growing even faster than our PC business."