Lenovo to buy IBM server unit

Lenovo Group Ltd, the world's biggest personal computer maker, will buy IBM Corp's x86 server unit for $2.3 billion, Lenovo said on Thursday.

The deal - the largest tech acquisition ever by a Chinese company - will help Lenovo add $5 billion in operating revenue annually and have a bigger say in the global IT hardware space, said Yang Yuanqing, chairman and chief executive officer of the Beijing-based company.

"We're satisfied with the price of the deal, because we believe the company has acquired a very good-quality asset," Yang said.