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Lenovo Group announced the acquisition of German electronics company Medion AG, after the completion of the agreement will enable Lenovo's market share in Germany, double, becoming the largest in the European market, the third largest personal computer manufacturer,MEDION Akoya Mini E1311 Battery. Lenovo Group, said the two sides together will have the German PC market share of more than 14 percent, and the Western European personal computer market share of about 7.5%. The acquisition will promote the Lenovo PC business in the consumer and high-growth areas of mobile Internet business development.
Medion AG is a German electronics manufacturer, is involved in European, U.S. and Asia Pacific. Our main products are computers and laptops, also has a TV, refrigerator, spit drivers and fitness equipment.
Accordingly agreement, Lenovo will use the cash price of 13 euros per share on the open market purchase of shares in circulation of Medion, MEDION Akoya Mini E1312 Battery which over the past 30 days than the average closing price premium of about 29% over the past 90-day average closing price premium of about 27%.
According to another agreement, Gerd Brachmann promise not to participate in the tender offer, while 40% of the outstanding shares of Medion 13 euros per share sold to Lenovo Group. Group Brachmann part of the acquisition of 80% in cash, another 20 per cent stake in Lenovo Group will pay. The acquisition is premised on the Gerd Brachmann shareholders other than the sale of at least 15% Medion shares.
Gerd Brachmann Medion AG will continue to be a major shareholder, holding 20% ​​of the shares.
"The acquisition of Lenovo Medion is a long-term strategic objectives to achieve an important step, both for the core PC business, or the focus on the development of new business, will be effective to promote." Lenovo CEO Yang said.
Last week, Lenovo announced the 2010/2011 fiscal year results, sales topped $ 21 billion, in the regions, market segments and product lines are made up. Company 28.2% of the global market growth exceeded the average growth of 7.4%. In addition, Lenovo is also Western Europe and Germany markets improve profitability and market share.
"This acquisition accelerates our consumer markets( MEDION Akoya Mini E1315 Battery ) of Western Europe, especially Germany's penetration, Medion understanding of Western European retail market will give us additional growth opportunities, we believe that the two companies complement each other's market position and strategy is the perfect association of fists mix, we have successfully integrated technology companies to achieve economies of scale and operational efficiency, enhance the competitiveness of the experience. "mature market president of Lenovo Group, said Milko van Duijl.
In the transaction, both companies expect all existing operations, including customer service, product delivery and warranty service will be as usual. In the near future, Medion and Lenovo Group will continue to retain their brand, and through their existing channels to the appropriate sales and support.
Lenovo Group, and Medion's board of directors have approved the transaction. But the procedure still need to meet certain conditions to be completed, including public participation in the acquisition of a minimum amount of public and relevant regulations. Lenovo Group will build on existing internal cash payment of the transaction. Tender offer is expected to be completed in the third quarter of 2011, while the control and profit and loss transfer agreement is expected in the fourth quarter of 2011, the shareholders will vote on later.Laptop MEDION BTY-S14 Battery sale details
Barclays (Barclays Capital) is the Lenovo Group, the financial advisor.