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

Alphabet Inc 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. 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.