It’s all over the media and the blogs, so let me add mine to the pile: Acer has bought Gateway, with its familiar white and black cow logo. Reuters reports:

Taiwan’s Acer said on Monday it will buy Gateway for $710 million, creating the world’s No.3 PC maker, as Acer doubles its presence in the United States, Gateway’s fiercely competitive home market.

Acer said it would pay $1.90 per Gateway share, representing a 57 percent premium over Gateway’s last closing price.

Acer said the merger would create a company with more than $15 billion in sales and 20 million PCs shipped per year, adding it would keep the Gateway brand in the U.S.

“This acquisition of Gateway and its strong brand immediately completes Acer’s global footprint by strengthening our U.S. presence,” Acer Chairman J.T. Wang said in a statement.

“This will be an excellent addition to Acer’s already strong positions in Europe and Asia.”

Acer shares closed down 1.85 percent at T$63.60 before the announcement.

The Taiwan firm has said for months it was in acquisition talks, but had declined to name the target.

The deal would help Acer immediately double its U.S. market share, combining its own 5.2 percent share with Gateway’s 5.6 percent, according to second-quarter market data from IDC.

The deal is expected to be completed by December, and the merged company would still be a distant third in the U.S. behind market leader Dell , at 28.4 percent, and Hewlett-Packard , at 23.6 percent, according to IDC.

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But execution will be key — a lesson Lenovo learned when it stumbled badly after forecasting similar cost savings following its 2005 acquisition of IBM’s PC business.

“This starts to bring back memories of the whole Lenovo-IBM deal,” said IDC’s Ma. “Can you integrate the operations of the two organisations quickly enough to reap the benefits of that kind of scale? That remains to be seen.”

Taiwan steps out!