AsiaInfo Holdings (NASDAQ: ASIA), a provider of software, solutions and services to telecom operators and enterprises in China, today announced that it has closed the acquisition of Lenovo Group's non-telecom related IT services business in a stock transaction valued at US$36.3 million (CNY300 million).
A new division of AsiaInfo Holdings, Lenovo-AsiaInfo Technologies (Lenovo-AsiaInfo), has been formed from the combination of the assets acquired and AsiaInfo's enterprise information solutions (EIS) business unit.
The company noted that the new Lenovo-AsiaInfo division will combine Lenovo's experienced management consultants and software engineers with AsiaInfo's existing product offerings and R&D capabilities to offer a range of IT solutions including security products and services, management consulting, e-HR and business intelligence, e-government and financial solutions to Chinese enterprises in multiple vertical industries.
The company also announced today that Mr. Bing Yu, head of the new Lenovo-AsiaInfo business, has been appointed to AsiaInfo's Board of Directors. Accordingly, the Board has approved an amendment to the company's bylaws increasing the size of the Board of Directors from nine to ten members.
Updated details of the transaction are available in an 8-K filed today with the SEC.
