Chinese Lenovo announced on June 1, 2011 that the company is acquiring Germany Medion, according to a press release by Lenovo. The acquisition is slated to complete in the third quarter of 2011. Combining the market share of Medion, Lenovo is expected to double its PC market share and become the third largest PC company in Germany, accounting for approximately 14% in German and around 7.5% in the Western European PC markets, according to the same source. It is reported that Lenovo will spend 231 million euro (US$334.8 million; US$1=0.69 euro) on purchasing 36.6% Medion's stake from Brachmann, Medion's major share holder. Lenovo plans to purchase Medion's shares from other stakeholders and eventually hold 55% to 80% of the company.