Lenovo secures $2 billion investment from Saudi Arabia’s Alat, establishes MEA headquarters in Riyadh

['Jessie Wu', 'More Jessie Wu', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] TechNode 2024-05-30 00:00:00

On Wednesday, Chinese PC maker Lenovo announced a strategic partnership with Alat, a subsidiary under Saudi Arabia’s Public Investment Fund (PIF) focused on transformative technology investments and sustainable manufacturing, with Alat proposing a $2 billion zero coupon convertible bonds investment in Lenovo. Lenovo will look to increase its presence in the MEA region via the partnership. Details: Lenovo will issue $2 billion in convertible bonds to Alat, using the proceeds to repay debts and for corporate purposes, according to the announcement. PIF, a sovereign wealth fund, manages assets exceeding $700 billion, according to Lenovo. “As Lenovo establishes its regional headquarters in Riyadh and a clean energy manufacturing base in Saudi Arabia, we expect its growth to accelerate in the MEA region,” said Alat CEO Amit Midha.