The world's largest personal computer manufacturer, Lenovo, is planning to spend at least $195 million to acquire the shares of its Japanese partner company NEC. The two companies established a joint venture five years ago.

According to China Daily, Lenovo will be acquiring around 44 percent of the shares of the Lenovo NEC Holdings. NEC has confirmed this news on its official website. The Japanese company will retain about five percent of the ordinary shares in the company.

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According to Reuters, NEC will be selling 44,100 of its JV Lenovo NEC Holdings' common shares.

The latest financial reports reveal that 66 percent of Lenovo's revenue in 2015 came from the company's personal computer business.

The latest move from Lenovo highlights the company's strategy to focus on the personal computer market despite the fact that the market continues to dwindle over the years.

During the first quarter of this year, worldwide personal computer shipments were reported to be around 60 million units. While this is an impressive number, analysts said that this figure represents a year-on-year decline of 11.5 percent. Compared to the average record, Lenovo performed a little bit better with a shipment of 12 million units.

Due to this decline in the personal computer market, notable manufacturers such as HP and Dell are trying to diversify their business. Based on their latest changes in business strategy, PC manufacturers are slowly integrating their products into the cloud platform.

However, Lenovo chairman Yang Yuanqing is still optimistic about the personal computer market. In a statement released last month, Yang said, "The global PC market won't go down forever. I believe it will maintain at about 250 million units a year."

TagsLenovo, Lenovo PC Market, PC market, Lenovo PC, NEC, Lenovo acquisition