The acquisition will strengthen Lenovo's position in the Brazilian PC market
Chinese PC maker Lenovo acquire the Brazilian PCs and consumer electronics firm CCE business, for $148m in a combination of cash and stock.
The acquisition will expands Lenovo's position in the Brazilian PC market, with a manufacturing presence and a full suite of consumer products across PC, tablet, smart phone and TV.
Lenovo chairman and CEO Yuanqing Yang said the acquisition will more than double its PC market share in Brazil.
"It not only helps Lenovo rapidly expand its leadership here, but it also lays a foundation for our future PC+ vision," said Yang.
"CCE's management, who will become an essential part of our Brazilian operations, know the Brazilian consumer and will immediately help us establish a strong retail presence."
Following the acquisition, Lenovo will retain CCE's management team including its founder and CEO, Roberto Sverner in the combined company.
Controlled by Digibras, CCE currently has seven factories in Brazil and recorded a revenue of BRL1.6bn ($785m) in 2011 and produced 774,000 PCs in 2011.