Lenovo Group Limited (HKG:0992) said on Tuesday that it is not done acquiring companies to foster growth yet. Lenovo made two huge deals in the last two months: IBM’s low-end server business for $2.3 billion and Google’s Motorola Mobility division for $2.91 billion.
Lenovo acquired these two companies to expand its business beyond PCs. The PC market has seen a decline in demand due to the popularity of smartphones and tablets. Lenovo is still the world’s largest PC maker based on shipments, but is diversifying its business.
“We will continue to use acquisitions as a means to grow,” stated Lenovo CEO Yang Yuanqing in an interview with reporters during a shareholder meeting in Hong Kong, quoted by The WSJ. “Whenever there is a good opportunity, we will grasp it.”
Lenovo still has enough access to funds to keep the acquisitions going. The company is also considering raising funds through bank loans.