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Lenovo buys back its mobile phone unit

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Lenovo has made a U-turn by buying its mobile phone division back that they had sold to a group of investors in March 2008. Back then, Lenovo made the spin-off to recfocus on its core PC business but fast forward to now, Lenovo reckons mobile phone market as one of the fastest growing other than its PC business.

The new deal will cost approx. US$200 million in cash and stock which Lenovo says will help them to gain in the bullish mobile internet market in China.

According to analysts, China’s mobile internet market is expected to surpass US$16 billion by 2014 due to increased usage of 3G and various internet services.

[PR via PCworld]

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