Slaughter and May, Hong Kong, advised PCCW Limited (“PCCW”, together with its subsidiaries, the “PCCW Group”) on its strategic partnership with Lenovo Group Limited (“Lenovo”) in relation to its IT solutions business. The transaction was announced on 14 June 2022 and completed on 12 August 2022.
The transaction included the acquisition by Lenovo of an 80% stake in PCCW Lenovo Technology Solutions and a 20% stake in PCCW Network Services for a consideration of US$613.6 million (comprising, US$513.6 million of cash consideration and US$100 million of share consideration). The formation of the strategic partnership leverages the combined strengths of the PCCW Group and Lenovo to accelerate the expansion of the IT solutions business across Asia Pacific, optimises resource allocation while seizing value upside from growth, and unlocks synergies generated from the collaboration of the PCCW Group and Lenovo.
PCCW Limited is a global company headquartered in Hong Kong which holds interests in telecommunications, media, IT solutions, property development and investment, and other businesses.
Lenovo is a global technology company.