IBM (NYSE: IBM) is selling another 1.3 percent of its shares in PC manufacturer Lenovo, Dow Joes and Reuters reported Monday.
took a 15 percent stake in when Lenovo acquired IBM’s personal computing business for $1.25 billion three years ago. Big Blue has sold several blocks of stock since then.
Lenovo’s global headquarters is located in Morrisville. Its stock trades on the Hong Kong exchange.
The latest sale, according to the news services, amounts to 116 million shares at a value of $79.8 million.
Once the sale is complete, IBM will hold a 4.7 percent stake in Lenovo.
IBM purchased Lenovo shares at $2.675 in Hong Kong dollars and is selling them between $5.19 and $5.36 in Hong Kong currency, according to Reuters.
IBM sold $83.6 million in shares in April.
One U.S. dollar equals 7.8 Hong Kong dollars.
