The Public Investment Fund’s (PIF) tech investment arm Alat closed a USD 2 bn investment in multinational PC maker Lenovo, according to a joint statement. The investment — first reported in May 2024 — saw Alat buy three-year zero-coupon convertible bonds, which could grant Alat a 12% equity stake in Lenovo if converted at their purchasing price of HKD 10.42 per share.

Lenovo, made in Saudi: The leading PC maker plans to establish a clean energy-powered manufacturing hub here at home, set to kick off operations in 2026. The facility will employ local R&D teams to produce mns of PCs and servers every year for “fully end-to-end ‘Saudi-made’ products,” creating thousands of jobs, Lenovo said.

Lenovo is also gearing up to anchor its MEA operations in Riyadh, with plans to set up its regional headquarters in the capital. That is in addition to opening more retail spaces, expanding R&D capacities, and sealing new partnerships in the region.

REFRESHER- Lenovo’s supply chain arm Leshines recently secured a USD 50 mn package from Riyadh-based investment platform Ewpartners to localize its production in the Kingdom, as part of a broader push to expand its global manufacturing footprint, Lenovo Chairman and CEO Yang Yuanqing told Reuters in November.

ADVISORS- Alat tapped Morgan Stanley and Latham & Watkins, while Citi and Cleary Gottlieb Steen & Hamilton (Hong Kong) advised Lenovo.

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