International Business Machines Corp.’s negotiations to sell parts of its server division to Lenovo Group Ltd. broke down after the two sides couldn’t agree on a price, said a person familiar with the discussions.

Lenovo Chief Financial Officer Wong Wai Ming, who was in the U.S. this past week for the talks, left for Hong Kong without an agreement, said the person, who declined to be identified because negotiations are private. The talks could resume later, the person said. James Sciales, a spokesman for IBM, and Jeffrey Shafer, a spokesman for Lenovo, both declined to comment.

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