Goldman Sachs and Merrill Lynch have scooped sole advisory roles on the $1.75bn (€1.3bn) acquisition of IBM's PC unit, by Lenovo, China's largest personal computer manufacturer.

Goldman advised Lenovo, which under the terms of the deal will pay IBM $650m in cash, $600m in shares and assume $500m of debt. The deal will create the world's third largest PC maker with revenues of around $12bn.