Tech Buyout Parade Continues
Just a day after Deal Flow predicted more big tech buyouts, news broke that Texas Pacific Group is leading a trio of private equity shops in a $350 million investment in Lenovo, the Chinese computer maker. I know, I know, $350 million is not "big." The trio will own about 12.4% of Lenovo. Nevertheless, the deal demonstrates PE investors' heightened interest in big, established tech companies, as we discussed on Monday. Don't forget: TPG was widely reported to have been bidding for IBM's PC unit, which Lenovo agreed to acquire for $1.75 billion in December. Looks like Jim Coulter and company will get a taste of IBM-PC after all. Interestingly enough, TPG walked away from a another Asian PC deal in January.
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