Lenovo buys Brazilian electronics manufacturing group CCE

Lenovo will pay 300 million reals ($147 million) for 100 percent ownership in three firms that make up CCE to complete the acquisition, according to a Lenovo statement posted on its website late Wednesday.

The Chinese firm sees growth potential in the Brazilian consumer electronics market and aims to enhance its presence in Latin America through the deal.

"Brazil is one of the world's largest personal computer markets the market is expected to continue to grow," Lenovo said in a separate statement to the Hong Kong Stock exchange, where it is listed.

The acquisition will provide Lenovo with "a stronger market position, more comprehensive product offerings, enhanced brand awareness, and a larger scale of operation and presence in Brazil," it said.

Lenovo had 14.7 percent of worldwide personal computer shipments as of the second quarter this year, second only to the 14.9 percent share held by industry giant Hewlett-Packard, according to research firm Gartner.

Shares of Lenovo were up 3.43 percent to HK$6.33 ($0.82) on Thursday afternoon in Hong Kong trading after the announcement.