Arçelik and Hitachi Global Life Solutions have signed a share purchase agreement to establish a new joint venture company. As part of the transaction, Hitachi GLS will establish a new company into which it will transfer its global home appliances business outside of Japan. Arçelik will acquire 60% ownership in the new company, which both partners aim to establish in the spring of 2021, subject to regulatory approvals and satisfaction of other customary conditions.
The transaction value is calculated as USD 300 million on a cash-free and debt-free basis for 60% of the business, which is subject to customary adjustments based on the balance of net debt, net working capital of the Company, and minority shares adjustment for the outstanding minority shares as of the closing date.
Arcelik Seals $300 Million Deal for Hitachi Electronics Business
Asli Kandemir, Bloomberg News
(Bloomberg) Turkeyâs leading household appliances maker Arcelik AS signed a deal to buy 60% of Hitachi Global Life Solutions Inc.âs for $300 million to deliver on its strategy to expand in emerging markets.
Arcelik and Hitachi GLS will form a new company that Arcelik will control to run operations in the home appliances market, excluding Japan, the Turkish company said in a filing to the stock exchange on Wednesday. The total transaction value is calculated on a cash-free and debt-free basis for the business, with the deal expected to be closed by April 1.
Arçelik and Hitachi Global Life Solutions Announce their Intention to Form a Joint Venture in the Global Home Appliances Business (excluding Japan) adnkronos.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from adnkronos.com Daily Mail and Mail on Sunday newspapers.
16 dicembre 2020
The historic partnership creates a major player in Asia-Pacific – the world’s largest home appliances market – and will expand global sales of Hitachi branded products through a joint competitive supply chain
ISTANBUL and TOKYO, Dec. 16, 2020 /PRNewswire/ Today Arçelik A.Ş. (IST: ARCLK) (“Arçelik”) and Hitachi Global Life Solutions, Inc. (“Hitachi GLS”) have signed a share purchase agreement to establish a new joint venture company. As part of the transaction, Hitachi GLS will establish a new company into which it will transfer its global home appliances business outside of Japan. Arçelik will acquire 60% ownership in the new company, which both partners aim to establish in the spring of 2021, subject to regulatory approvals and satisfaction of other customary conditions.
Arçelik and Hitachi Global Life Solutions Announce their Intention to Form a Joint Venture in the Global Home Appliances Business (excluding Japa | ANP Pers Support perssupport.nl - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from perssupport.nl Daily Mail and Mail on Sunday newspapers.