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Arçelik, Hitachi GLS to form home appliances JV AMMAN, January 18, 2021 Arçelik AŞ, a Turkish multinational household appliances manufacturer, and Hitachi Global Life Solutions (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, said a statement.    The transaction value is calculated as $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.

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