Leading home appliance manufacturer, Whirlpool, has agreed to buy a majority stake in Indesit for an expected €758m.
Whirlpool has made this move to help grow its European business which it said will help it to grow its business in Europe.
Whirlpool said it has entered into a binding agreement to buy a 42.7% stake from Indesit's top investor Fineldo SpA. The deal has been concluded at a purchase price of €11 per Indesit share.
It will also buy a 13.2% stake from members of the Merloni family, who founded Indesit in 1975, as well as a 4.4% stake from Claudia Merloni.
This will eventually mean that Whirlpool will own 66.8% of Indesit's voting stock.
Whirlpool Corporation chairman and CEO Jeff M. Fettig said the acquisition will position the company “for sustainable growth in the highly competitive and increasingly global home appliance market in Europe”.
Fineldo SpA CEO Gian Oddone Merli added: “The agreement provides Indesit with the tools to build a solid and sustainable future.”
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