Lenovo to buy back mobile division for $200 million, twice what it sold for

PC maker Lenovo will buy back the mobile division that it spun off only last year for $200 million in cash and stock so it can refocus on developing mobile Internet devices, PC World reports.

The manufacturer will repurchase Lenovo Mobile for twice what it sold it for to a group of private investors last year, when the company decided it wanted to refocus on its PC business. Lenovo is hoping to tap into the growing market of mobile devices in China and worldwide.

Lenovo Mobile has already introduced an Android based smartphone for China Mobile's OPhone smartphone line.