Beijing ? Chinese computer maker Lenovo has completed its $1.75 billion purchase of IBM’s personal computer division, creating the world’s third-largest PC maker, the company said Sunday.

The deal — one of the biggest foreign acquisitions ever by a Chinese company — is expected to quadruple sales of Lenovo Group Ltd., already Asia’s biggest computer maker, the company said earlier.

Lenovo Chairman Yang Yuanqing called the purchase of International Business Machines Corp.’s personal computer division a “historic event” for the company.

The company also confirmed weeks of media speculation that it was raising extra cash for the massive deal. It said three private equity investment firms — Texas Pacific Group, General Atlantic Group and Newbridge Capital Group — have agreed to take a $350 million stake in the company. A shareholder’s meeting related to that investment would be held May 13, it said.

Lenovo’s shares are traded in Hong Kong, but the company has not announced any plans for other share listings overseas, raising expectations that it would find other ways to raise funds through overseas investors.

The U.S. Committee on Foreign Investment had convened to investigate any national security implications of the proposed acquisition after three members of the U.S. Congress raised questions about the sale, but a review cleared it in March.

Lenovo is partially owned by the Chinese government.