Report: Google Plans To Raise $221 Million By Selling Its Stake In Lenovo

Alphabet Inc (NASDAQ: GOOG) is looking to raise $221 million by selling its stake in China-based Lenovo, according to a deal term sheet seen by IFR and reported by Reuters.

Reuters noted that Google will offer 371 million shares of the Hong-Kong listed Lenovo at a price range of HK$4.56 to HK$4.62 per share which is a discount to the stock's closing price of HK$4.75 on Tuesday.

Alphabet/Google isn't the only U.S.-based company that is looking to sell off its stake in Lenovo. Earlier this year, International Business Machines Corp. (NYSE: IBM) reportedly planned to sell its remaining 182 million share stake Lenovo's stock at a range of HK$6.26 to HK$6.42 - a discount of up to 6.4 percent at the time.