China's Lenovo Group Ltd. will take over Fujitsu Ltd.'s personal computer business by setting up a joint venture in which the world's biggest PC maker will take a majority stake, the companies said Thursday.

Lenovo will take a 51 percent stake in the PC business that the Japanese electronics maker spun off last year, while the state-owned Development Bank of Japan will take 5 percent. Fujitsu will sell off its own stake, which is worth ¥28 billion ($245 million).

The transfer of shares to Lenovo and the bank will be carried out between April and June next year, while Fujitsu will maintain its brand and production system, Fujitsu said.