IBM Acquires 5.92 Million Shares of China's Bright Ocean for $7.37 Million

Bright Oceans Inter-Telecom Corp. said International Business Machines Corp. bought 5.92 million of its shares from its parent for 50 million yuan ($7.37 million), according to a filing to Shanghai’s stock exchange.

IBM has pledged not to sell the stake in the next year, Bright Ocean said in the statement. The Chinese company wants to add strategic investors that can help bolster its product development and increase its international exposure, Bright Oceans said.

To contact the reporter on this story: Zhe Huang in Beijing at zhuang37@bloomberg.net

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