Lenovo, which has its headquarters in Morrisville, N.C., had tried to purchase Packard Bell BV in an attempt to expand its marketshare in Europe.
However, Acer gained first refusal rights to buy the Belgium-based company as part of its Gateway acquisition. Gateway had held the option.
The acquisition moves Acer past Lenovo as the world's third largest PC manufacturer with the deal.
The European Commission said the deal did not pose competition concerns because the combined company will face other big players including Lenovo, Sony Corp. and Dell Inc. in the European market.
U.S.-based Gateway Inc., which was also recently bought by Acer, announced in October it would purchase Packard Bell. The financial terms of the deal were not disclosed.
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