People stand under a sign showing the Lenovo company at a computer market in Shanghai January 21, 2014. (REUTERS/Aly Song)
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Lenovo Group Ltd. has agreed to buy IBM Corp.'s server business for $2.3 billion as the Chinese PC giant grabs another piece of the computing world in a long-awaited deal.The acquisition of the IBM unit, still subject to approval from the Committee on Foreign Investment in the United States, would lift Lenovo's market share in the server market to 14 percent from 2 percent currently, said Peter Hortensius, senior vice president at Lenovo and president of its Think Business Group.Before that happens, Lenovo has to turn the server unit around. Talks between IBM and Lenovo fell apart last year due to differences over pricing, with media reports at the time suggesting IBM wanted as much as $6 billion for the unit.Lenovo's purchase of IBM's PC business in 2005 became the springboard for its leap to the top of global PC maker rankings, and the market is betting Lenovo will enjoy similar success with its latest acquisition, which is partly reflected in a 9.44 percent rise in its shares this year.
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