The acquisition significantly expands Lenovo’s presence in Brazil, with a manufacturing presence and a full suite of consumer products across all four screens – PC, tablet, smart phone and TV.
Lenovo is paying CCE’s shareholders approximately 300 million Brazilian Reais, in a combination of cash and stock, for 100% of the company. Lenovo will retain CCE’s management team including its founder and CEO, Mr. Roberto Sverner in the combined company. The acquisition is expected to close in the first quarter of 2013. No workplace reductions are expected.
“This move more than doubles our PC market share in Brazil, one of the world’s fastest-growing and most important technology markets. It not only helps Lenovo rapidly expand its leadership here, but it also lays a foundation for our future PC+ vision,” said Yuanqing Yang, chairman and CEO, Lenovo Group.