Lenovo today announced the acquisition of the CCE business, a company known in Brazil as a leader in PCs and consumer electronics. The acquisition expands Lenovo's presence in the world's third-largest PC market, with a manufacturing presence and a full suite of consumer products across all four screens - PC, tablet, smart phone and TV .

"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. "CCE is an excellent fit with its four screen product portfolio and a valuable manufacturing base in Brazil. 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. We are confident the acquisition will drive growth; provide a bright future for our teams in Brazil; and bring an exciting, high quality array of products to market."

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 subject to customary closing procedures and is expected to close in the first quarter of 2013.