Gateway Announces Plans to Acquire Packard Bell

Tuesday, October 9, 2007

Gateway Announces Plans to Acquire Packard Bell

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PC manufacturer Gateway yesterday announced plans to acquire PC vendor Packard Bell for an undisclosed sum. Gateway's move for Packard Bell will be funded by Acer, as part of Acer's planned acquisition of Gateway.

Gateway said that it has delivered a binding offer to acquire all of the shares of PB Holding Company S.?.r.l. from Lap Shun (John) Hui and Clifford Holdings Limited, an entity controlled by Hui. Hui currently owns a 75 percent interest in PB Holding, the parent company of Packard Bell B.V., the leading European PC vendor based in Paris.

Acer Inc. has agreed to fund Gateway?s acquisition of PB Holding and Packard Bell in connection with the planned merger between Acer and Gateway announced on Aug. 27, 2007.

The acquisition will be a blow to Lenovo, which in early August revealed it was in discussions with Packard Bell over a possible acquisition.

This transaction is subject to regulatory approvals and is anticipated to close sometime in the fourth quarter of 2007 or the first quarter of 2008.