China's Lenovo buys stake in Germany's Medion
HONG KONG - June 1, 2011 (WPVI) -- China's Lenovo Group says it is buying a stake in German consumer-electronics group Medion AG that will help boost its market share in Europe.
Lenovo Group, the fourth-largest personal computer maker, said Wednesday it will pay 231 million euros ($333.5 million) to buy 37 percent of Medion's outstanding shares. It will pay 13 euros a share.
After the purchase, Lenovo's share of the personal computer market in Germany will double to 14 percent. Its share of the PC market in Western Europe will rise to about 7.5 percent, making it the third-largest player.
Lenovo said the deal would fuel its expansion in consumer PCs and the high-growth mobile Internet market.
Lenovo has expanded aggressively outside China since becoming a global brand by acquiring IBM Corp.'s PC unit in 2005.
Hong Kong, china, germany, computers, business/finance
- Detectives serve warrants at Chester police station
- Mostly sunny, very windy today 55 min ago
- Get the 6abc StormTracker app
- WATCH: Action News Online
- Man critical after police-involved shooting 52 min ago
- Fire damages corner store in North Phila. 42 min ago
- 3 shot during funeral at Trenton church
- Serial burglar strikes South Phila. businesses
- 1 dead, 1 injured in Middle Township crash
- 6abc viewer helps police nab $18K jewelry suspect
- Arrest warrant issued in Collingdale hit-and-run
- Police release surveillance of Target heist
- Photos: Suspects wanted by Philadelphia Police
- What would you ask Mayor Nutter?
- Man critical after police-involved shooting
52 min ago
- Fire damages corner store in North Phila.
42 min ago
- Dying dog in Canada has bucket list
48 min ago
More business resources
Most Viewed StoriesMost Viewed Photos