March 2, 2016 / 9:15 AM / 3 years ago

IBM plans to sell up to $150 million worth of Lenovo Group shares: IFR

People walk past an IBM logo during the Mobile World Congress in Barcelona, Spain February 25, 2016. REUTERS/Albert Gea

HONG KONG (Reuters) - Computing giant International Business Machines Corp (IBM) (IBM.N) plans to sell up to $150 million worth of shares in China’s Lenovo Group Ltd (0992.HK), IFR reported on Wednesday, citing a term sheet of the deal sent to investors.

IBM is offering 182 million shares in an indicative range of HK$6.26 ($0.8052) to HK$6.42 each, added IFR, a Thomson Reuters publication. The price is equivalent to a discount of up to 6.4 percent to Lenovo’s closing price on Wednesday.

IBM and Lenovo didn’t immediately respond to Reuters requests for comment on the sale.

Goldman Sachs was hired as sole bookrunner for the deal, the terms showed.

Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Muralikumar Anantharaman

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