New reports about another possible acquisition by Lenovo have surfaced in China. This time Lenovo may be buying out a partner in a high joint venture focused on laptop manufacturing.

According to Taiwan-based Digitimes and The China Post, Lenovo may be on the verge of buying out China-based partner Compal in the JV that operates LCFC (Hefei) Electronics Technology for as much as $750 million.

Lenovo already owns 51 percent of the JV, which can produce as many as 20 million laptops a year. This firm also is responsible for as much as 60 percent of Lenovo laptops sold worldwide.

Ray Chen, president of Compal, told Digitimes that he is negotiating a possible buyout with Lenovo.

This talk follows Lenovo’s acknowledged pursuit of a joint PC manufacturing venture with Fujitsu in Japan and rumors that Lenovo might acquire Samsung’s PC division.

All the M&A talk comes as Lenovo in 2016 kept its hold on the No. 1 spot among PC sales globally even as the market continues to decline.

The deal with Compal would be part of a strategy by Lenovo to gain more control of manufacturing for its devices, according to the China Post.

However. the Post says than a deal involving LCFRC might not occur right away since the joint venture is still scaling up.

The companies formed the JV, which operates in Taiwan and China, in 2011.

Helping drive deal is a “put option” that would enable Compal to sell its share for up to $750 million by Oct. 1 of this year.

At such a price, Compal would get back five times its original investment of $150 million, DIGItimes notes.

​[Investopedia notes that a “put option is an option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying security at a specified price within a specified time. This is the opposite of a call option, which gives the holder the right to buy shares.”]