After snapping Gateway and Packard Bell, Acer is continuing its spending spree by entering into an agreement to acquire smartphone manufacturer, E-TEN. The deal is an all-stock purchase and will see Acer offering one of its own shares for every 1.07 of the outstanding shares of E-TEN in an agreement worth around $290 million.

Whether it is mobile phones or mobile computing that Acer is interested in, the acquisition of E-TEN probably known best for its lineup of Glofiish handsets should build up their stance as a true mobile player. Acer expects the deal to account for around six per cent of its outstanding shares and estimates that the acquisition will close during the third quarter of this year.