Apple Computer said yesterday it was paying $100 million (£68.4 million) in stock to buy the core assets of Power Computing, a privately held licensee of Apple's Macintosh line of computers.

"Power Computing has pioneered direct marketing and sales in the Macintosh market, successfully building a $400 million business," Apple board member and founder, Mr Steve Jobs said in a statement announcing the agreement. "We look forward to learning from its experience." Apple's stock gained 50 cents to $22.25 in early trading on Nasdaq. - (Reuter)