September 4, 2012 / 1:56 PM / 5 years ago

Japan's NEC to sell entire Lenovo stake in $230 mln deal -source

TOKYO, Sept 4 (Reuters) - Cash-strapped computer services provider NEC Corp will sell its entire stake in China’s Lenovo Group Ltd in a transaction worth about 18 billion yen ($230 million), a source with direct knowledge of the matter told Reuters on Tuesday.

The source added that NEC would maintain its joint venture with Lenovo in Japan.

The details were in line with a report earlier on Tuesday by IFR, a Thomson Reuters publication. IFR said the offering price in the deal was equivalent to a discount of 1.8 percent to 4.8 percent to Lenovo’s Tuesday closing price of HK$6.62, and that Credit Suisse was hired as sole bookrunner on the deal. ($1 = 78.2600 Japanese yen) (Reporting by Maki Shiraki; Editing by Edmund Klamann)

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