Lenovo announced on 5 September, 2012 that the company signed a deal to buy Brazilian leading electronics maker CCE for 300 million Brazilian reais (US$148 million, US$1 = 2.03 reais), according to the company's press release. The acquisition, which is still waiting for the approval by antitrust authorities and is slated for completion in the first quarter of 2013, is boasted to double Lenovo's PC market share in Brazil, thereby pushing up its position from the seventh to the third. Aside from buying CCE, Lenovo had revealed earlier this year that the company would invest US$30 million to build its first PC factory in Brazil. The company stated that the factory will begin production in the end of 2012 and reach full capacity before 2014, according to the same source.