ARMONK, N.Y. – International Business Machines Corp. (IBM) and Chinese personal computer maker Lenovo said Wednesday that the Committee on Foreign Investment in the United States (search) has completed its review of the proposed $1.75 billion sale of IBM's personal computing division to Lenovo, clearing the way for the deal to be completed.
"With the review by the U.S. government complete, IBM and Lenovo (search) are moving quickly to integrate the two companies and expect to finalize the transaction in the second quarter, as planned," said Steve Ward, an IBM senior vice president and general manager of IBM's Personal Systems Group, in a statement.
Ward will serve as Lenovo's chief executive.
In January, the committee convened to investigate any national security implications of the proposed sale after three members of Congress raised questions about the sale.
Lenovo is partially owned by the Chinese government.
Only one deal has ever been blocked on national security grounds. In 1990, President George H.W. Bush stopped the sale of a Seattle aircraft parts manufacturer to China.
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