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Business News

Lenovo expands in Europe

The Chinese computer manufacturer Lenovo is set to increase its share of the European market after agreeing to take over the German electronics retailer Medion in a $900m (£550m) deal.

The move is seen as a way for Lenovo to build a presence in a mature market, and marks its biggest acquisition since buying IBM's PC business six years ago. The company's mature markets arm, which covers both the US and Europe, has so far lagged behind its Chinese business, which has proved the main driver of growth.

Lenovo, which makes the Thinkpad laptops, and Medion have agreed that no jobs will be lost as a result of the takeover.