Lenovo Group Ltd., the world’s largest maker of personal computers, agreed to buy International Business Machines Corp.’s low-end server business for $2.3 billion amid the PC industry’s worst-ever decline.

The deal price includes about $2 billion of cash and the rest in Lenovo stock, the companies said in a statement today. The purchase adds IBM’s business using x86 processors as well as System x, BladeCenter and Flex System blade servers and switches that run corporate computer networks.

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