By Steve Bannon and Scott Marcus November 12, 2017 09:00:02 Microsoft is announcing a merger with its biggest rival, Lenovo, to form the biggest PC maker in the world.
The announcement is coming just a few days after the company announced that it would purchase the company for $13.7 billion.
The deal comes after Lenovo announced last month that it had raised $30 billion in a series of mergers and acquisitions that will create the largest PC maker by market cap.
The news comes just a day after Lenovo said it was adding 2 million new employees to its workforce, bringing the total to 8.3 million.
Microsoft CEO Satya Nadella announced the deal in a memo to employees on Tuesday.
“As we move toward the end of our fiscal year and our next product cycle, we are thrilled to be joining forces with Lenovo to build one of the most advanced PC companies in the industry,” he said.
The company said that the deal would create jobs at both companies.
“The combined companies will create more than 5 million direct and indirect jobs, and will invest more than $10 billion in technology to create the world’s largest PC brand, the Lenovo ThinkPad X1 Yoga,” Nadell wrote.
Microsoft’s decision to buy Lenovo comes as the company struggles with a $500 million loss last year.
Microsoft is now one of a handful of companies that have been hit with a massive merger, such as Apple, Facebook, and Amazon.