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Acer acquires smart handheld device maker

Posted: 13 Mar 2008 ?? ?Print Version ?Bookmark and Share

Keywords:PC maker? smart handheld device? PC maker? mobile communications?

Taiwan PC maker Acer Inc. has entered into a definitive agreement to acquire E-TEN, a designer and manufacturer of smart handheld devices.

Under the terms of the agreement, Acer will offer a share exchange with ratio of 1:1.07 for all the outstanding shares of Taiwan-based E-TEN, which represents total equity value consideration of approximately $294 million. The new issued shares will represent approximately 6 percent of total Acer outstanding shares.

The acquisition has been unanimously approved by the boards of directors of both E-TEN and Acer and is subject to standard closing conditions, including obtaining approval from Shareholders Meetings and the Governmental Regulators. The acquisition is expected to close during Q3 2008.

The E-TEN acquisition is in line with Acer's expansion strategy and follows the recent acquisition of Gateway and Packard Bell, further strengthening its foothold in the fast-evolving mobile communications segment and completes Acer's range of mobile solutions.

"The worldwide smart phone market is estimated to grow by more than 30 percent by 2011," said Acer president Gianfranco Lanci. "Acer will enhance the competitiveness in the ultra mobile segment, by combining PC and communication technologies."

E-TEN has released a number of hugely successful Pocket PC phones that featured combinations of GPRS, Wi-Fi, Bluetooth, GPS, and 3.5G GSM functionality each enhanced by exclusive in-house developed software applications.

The acquisition of will also allow Acer to play a key role in the development of the dynamic, fast-evolving market of smart handheld devices as well as ultra mobile devices in the future and will help bring Acer's mobile solutions to an even wider audience.

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