People walk past a Lenovo shop in Hefei, Anhui province in this October 18, 2013 file photo.(REUTERS/Stringer/Files)
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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 comes nearly a decade after Beijing-based Lenovo bought International Business Machines's (IBM) loss-making ThinkPad business for $1.75 billion, eventually becoming the world leader in personal computers in 2012 . The acquisition of the IBM unit, still subject to approval from the Committee on Foreign Investment in the United States (CFIUS), 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.
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