June 2, 2011 12:39 am EDT

Lenovo buying Medion for up to $907 million, expects to double its German PC market share

It looks like you can expect to see a lot more of Lenovo in Deutschland. The company is buying German consumer electronics maker Medion -- a deal worth up to €629.4 million ($907 million), according to The Wall Street Journal. That makes it the company's biggest acquisition since it bought IBM's PC business back in 2004. Lenovo's end game: to boost its market share in Germany, which happens to be Europe's largest PC market. All told, it hopes to own 14 percent of the PC category there -- roughly double what it commands now -- and expects its share of the Western European computer market to hit 7.5 percent. Lenovo's announcement comes at a time when it seems to have some strong upward momentum -- just last week, the company reported that its fourth-quarter profit more than tripled year over year (much to Wall Street's surprise) and that it generated $21 billion in revenue thanks to growth in every product line and every region where it does business. PR chock full 'o numbers after the break.

Continue reading Lenovo buying Medion for up to $907 million, expects to double its German PC market share

Lenovo buying Medion for up to $907 million, expects to double its German PC market share originally appeared on Engadget on Wed, 01 Jun 2011 20:39:00 EDT. Please see our terms for use of feeds.

PermalinkWall Street Journal, Businesweek | ||Comments

Original Link: http://www.engadget.com/2011/06/01/lenovo-buying-medion-for-up-to-907-million-expects-to-double-i/

View Full Article

Engadget

Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics. Engadget was launched in March of 2004 in partnership with the Weblogs, Inc. Network (WI

More About this Source Visit Engadget