Chinese maker of electrical appliances and electronics TCL Electronics Holdings Ltd said on Tuesday it has doubled to 80 percent its stake in its joint venture in Brazil, SEMP TCL.
TCL issued a written announcement saying the Brazilian competition authority, CADE, has permitted the acquisition on condition that the period of a non-competition agreement is cut to five years from 10.
Last month TCL said it expected to pay up to 325.4 million reals (about US$62.9 million) to double its stake.
The company said taking the majority stake would lead to deeper penetration of the Brazilian market, and that it was critical to making TCL a player on the global stage.
TCL is bullish about the Brazilian market, and means to expand elsewhere in South America, the company announcement quotes TCL Chief Executive Kevin Wang as saying.