(Yicai Global) Nov. 3 -- Chinese multinational tech firm Lenovo Group Ltd. [HKG:0992], Group Co., has reached an agreement to acquire a 51 percent stake in Fujitsu Client Computing, the personal computer arm of Fujitsu Ltd. [TYO:6702], Xinhua News Agency reported.

Fujitsu will also transfer a five percent stake in the business to the Development Bank of Japan, a joint press communiqué states.

The transfer of equity will take place during the first quarter of the 2018-19 fiscal year and the deal is valued at USD250 million.

Fujitsu Client Computing Limited will become a joint venture of the three companies once the deal is complete, but the company name, product portfolio as well as development and production systems will remain unchanged.

The new company will combine Fujitsu's capabilities in global sales and customer support, research and development, production capacity with Lenovo's world-scale purchasing capacity and branding benefits.