WSJ.com - IBM, Lenovo Plan Joint PC Venture

WSJ.com - IBM, Lenovo Plan Joint PC Venture: "International Business Machines Corp. and Lenovo Group Ltd. plan to create a new U.S. personal-computer company that would own IBM's PC business, according to people familiar with the negotiations.
The new company would be majority owned by Lenovo, with IBM holding on to a minority stake small enough that its revenues and profit or loss would be excluded from operating results.
While the deal hasn't been finalized, Lenovo is expected to pay as much as $2 billion for the majority share of IBM's PC business, say people involved in the talks. The purchase price is only a fraction of the IBM unit's estimated $10 billion in annual sales, but by dealing with Lenovo, which has little presence outside China, IBM holds on to the ancillary service and financing business, which can be lucrative."