Lenovo has completed its acquisition of CCE, widely known in Brazil as a leader in PCs and consumer electronics.
The PCs and mobile internet devices provider says the closing took place early last week, with Lenovo acquiring 100% of CCE in a transaction consisting of Lenovo stock and cash totaling US$147 million.
Announced on September 5, Lenovo says the acquisition more than doubles it's PC market share in Brazil, the world’s third largest PC market, and immediately positions the company to execute its PC+ vision with a full suite of consumer products across all four screens – PC, tablet, smart phone and TV.
“Brazilian customers will see immediate benefit from this acquisition with products that embody Lenovo’s heritage of innovation, quality and global supply chain efficiency," says Dan Stone, president and GM, Lenovo Brazil.
"While also building upon CCE’s knowledge of Brazilian consumer needs and strong retail presence.
“Following our announcement of new manufacturing and distribution capabilities in Itu, Sao Paulo, the addition of CCE’s valuable manufacturing base and local management team demonstrates Lenovo’s powerful “global-local” strategy in action.
"The deal helps foster rapid expansion that combines global reach with meaningful local investments that reflect our long-term commitment to the Brazilian market.”
With nearly 50 years of history in Brazil, CCE is a leading domestic manufacturer of personal computers and consumer electronics in Brazil.