Computer giant Lenovo (IW 1000/238) will pay 300 million reals (US$147 million) for 100% ownership in three firms that make up Brazilian consumer electronics manufacturing group CCE, according to a Lenovo statement posted on its website late Wednesday.
The Chinese firm sees growth potential in the Brazilian consumer electronics market and aims to enhance its presence in Latin America through the deal.
"Brazil is one of the world's largest personal computer markets... the market is expected to continue to grow," Lenovo said.
The acquisition will provide Lenovo with "a stronger market position, more comprehensive product offerings, enhanced brand awareness, and a larger scale of operation and presence in Brazil," it said.
Lenovo had 14.7% of worldwide personal computer shipments as of the second quarter this year, second only to the 14.9% share held by industry giant Hewlett-Packard, according to research firm Gartner.
Copyright Agence France-Presse, 2012