Lenovo Completes Acquisition Of Majority Stake In MedionAugust 8, 2011 | Print | Comments | Category: Business, Computing, Gadgets & Electronics
Chinese PC group Lenovo has announced that it has completed the share purchase agreement with Gerd Brachmann, Medion's largest shareholder, founder and CEO, marking a significant milestone for its acquisition of the German PC company.
With the purchase of Medion shares from Brachmann together with the purchase of shares from Medion's second largest shareholder, Orbis, Lenovo now reportedly holds over 51% in Medion via its wholly-owned subsidiary, Lenovo Germany Holding GmbH.
Milko van Duijl, president for mature markets of Lenovo, said that this step accelerates their penetration into the consumer market in western Europe, particularly in Germany, whilst giving them more growth opportunities by leveraging Medion's strong routes to market.
In regards to the transaction, Brachmann said that the company sees great opportunities with the combined power of both companies and they will work together to bring attractive products to the market.
Medion is one of the largest personal technology and consumer electronics companies in Germany, while Lenovo is the world's third largest PC maker. On June 1, 2011, Lenovo announced plans to acquire Medion.
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