Update: Fujitsu to acquire Siemens’ stake in PC venture

In a widely anticipated move, Fujitsu Ltd. has agreed to acquire Siemens AG’ stake in their European computer joint venture, Fujitsu Siemens Computers Holding BV, the two companies said Tuesday.

Under the deal, Fujitsu will pay about €450 million ($567 million U.S.) for the 50% stake. The deal is scheduled to close on April 1, at which time Fujitsu Siemens will become a wholly owned subsidiary of Fujitsu. Until then, it will continue to be run as a joint venture.

Fujitsu Siemens was established in October 1999 and became one of the biggest PC vendors in Europe. It now operates in 36 countries and in its last financial year rang up sales of €6.6 billion and a pretax profit of €105 million.

But PCs have been moving toward the periphery of Siemens’ operations as the company focuses more on energy, industrial and health care IT systems.

The joint venture agreement under which the company is being run was scheduled to expire next October, and Siemens began discussions with Fujitsu earlier this year with a view to ending the partnership. Those discussions culminated in the deal that was announced today.

Long-term prospects for Fujitsu Siemens are unclear. PC makers operate in a tough and fast-moving market, but Fujitsu has managed to hold on to a top-two position in Japan for most of the past decade.

In Europe, PC shipments are forecast to continue growing from an anticipated 69 million units this year to 91 million in 2012. But new entrants, especially companies such as Asustek Computer Inc. with its popular Eee PC, are crowding the market and giving more established companies a run for their money.

Fujitsu is considering a major restructuring of Fujitsu Siemens once the acquisition is complete, according to some press reports that said those plans drew fierce opposition from Bernd Bischoff, who was CEO of the joint venture until today. Fujitsu Siemens said Bischoff had resigned for personal reasons. Kai Flore, who had been the company’s chief financial officer, was named to replace Bischoff.

“Fully integrating Fujitsu Siemens Computers into the Fujitsu Group fits perfectly into our global growth strategy,” Fujitsu President Kuniaki Nozoe said in a statement. He added that Fujitsu will inherit “a strong customer base” in Europe, the Middle East and Africa, as well as research and development operations “that can support our global products development.”