China approves Lenovo, IBM $2.3 billion server deal

The Chinese Ministry of Commerce's anti-monopoly bureau has approved Lenovo Group's proposed $2.3 billion deal to buy IBM Corp's low-end server business.

The deal, announced in January, is expected to be completed by the end of the year, said Lenovo Chief Executive Yang Yuanqing on Wednesday, but still requires U.S. regulatory approval.

Lenovo Chairman and Chief Executive Officer Yang Yuanqing (R) gestures beside Chief Financial Officer Wong Wai-ming during a news conference announcing the company's annual results in Hong Kong May 21, 2014. China's Lenovo Group Ltd, the world's fourth-biggest smartphone vendor, saw net profit grow 29 percent for the business year ended March, as strong smartphone sales helped shore up weak growth in China.