Lenovo to acquire Brazilian electronics group

Chinese personal computer maker Lenovo Group (0992.HKG) said on Wednesday that it will acquire Brazilian electronics producer CCE for US$147 million in cash and shares, The Wall Street Journal reported. The deal would vault Lenovo to the number three PC vendor in Brazil, from its current position as seventh in the market, according to Lenovo’s Chief Financial Officer Wong Wai Ming. The acquisition remains subject to Brazilian antitrust approval. CCE comprises three companies: Digibrás Indústria do Brasil SA, Digiboard Eletrônica da Amazônia LTDA and Dual Mix Comércio de Eletrônicos LTDA from Digibrás Participações, which together had revenue of US$783 million in 2011. The company revealed earlier this year that it will invest US$30 million to construct its first PC factory in Brazil. The factory, located in São Paulo state, will hire up to 700 employees within two years, Lenovo said.