TOKYO, Nov. 2 (Xinhua) -- China's Lenovo Group Limited, Japan's Fujitsu Limited and the Development Bank of Japan Inc. (DBJ) announced Thursday that they will create a joint venture to drive growth in personal computer business.
According to a joint press release released on Thursday, Fujitsu will sell a 51 percent stake in its wholly owned subsidiary Fujitsu Client Computing Limited (FCCL) to Lenovo and a 5 percent stake to DBJ.
The transaction is expected to be completed in the first quarter of fiscal year 2018, and the aggregate consideration received by Fujitsu will total 28.0 billion yen (245.4 million U.S. dollars), including 25.5 billion yen (223.5 million U.S. dollars) from Lenovo and 2.5 billion yen (21.9 million U.S. dollars) from DBJ.
The joint venture, keeping the name of FCCL, will continue to have its products distributed and sold under the Fujitsu brand name.
Tatsuya Tanaka, president of Fujitsu, told a press conference that the joint venture will be able to "gain the strongest procurement ability and scale merits in the world" through tie-up with Lenovo.
The joint venture will also leverage Fujitsu's capabilities in global sales, customer support, R&D, highly-automated and efficient manufacturing, according to the press release.
