Whirlpool of India Limited completed the acquisition of 49% stake in Elica PB India Private Ltd. from Elica S.p.A. and others.
September 09, 2018
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Whirlpool of India Limited (BSE:500238) executed the share purchase agreement to acquire 49% stake in Elica PB India Private Ltd. from Elica S.p.A. (BIT:ELC) and others for approximately INR 1.8 billion on June 1, 2018. The consideration will be payable in cash. As per the terms, Whirlpool of India Limited will acquire 2.3 million shares of Elica PB. As of June 4, 2018, Whirlpool of India Limited will acquire 33% stake from Elica S.p.A. and 16% from other shareholders respectively. Whirlpool of India Limited will acquire 33% stake from Elica S.p.A. for INR 1.1 billion. Elica S.p.A. will pay INR 105.6 million to other shareholders against the waiving of some of their rights concerning the early conversion of bond loan. Upon completion, Elica PB will continue to be a subsidiary of Elica S.p.A. and Pralhad Bhutada will continue to be the Chief Executive Officer of Elica PB. Whirlpool of India Limited shall have a right to appoint 2 nominees as Director and Elica shall have a right to appoint 3 nominees as Director (including Chairman and Chief Executive Officer) with applicable laws. The transaction is subject to governmental or regulatory approvals and antitrust approval in Europe and Turkey. The transaction has been approved by the Board of Directors of Whirlpool of India Limited. As of July 18, 2018 the acquisition has been approved by The European Commission. The transaction is expected to be complete within 8 weeks. As of June 4, 2018, closing of transaction is expected to take place by summer of 2018. As of July 2, 2018, the transaction is expected to complete in the second half of 2018. Luca Sabelli and Raffaele Scaranied of SabelliBenazzo acted as legal advisor for Elica S.p.A., Sushil Jacob of Linklaters LLP acted as legal advisor for Whirlpool of India Limited and Ajay Shaw, Gaurav Mistry, Akanksha Tiwary of Dsk Legal acted as legal advisor for Elica S.p.A., Nishith Desai Associates acted as legal advisor for Elica S.p.A., Vinod Dhall, Kunal Thakore, Ram Kumar, Deepa Christopher, Mrinali Kaul, Lipi Rawat, Shubhang Joshi and Toshit Shandilya of Talwar Thakore & Associates acted as legal for Whirlpool of India Limited.
Whirlpool of India Limited (BSE:500238) completed the acquisition of 49% stake in Elica PB India Private Ltd. from Elica S.p.A. (BIT:ELC) and others on September 10, 2018.
Whirlpool of India Limited is an India-based manufacturers and marketers of various home appliances. The Company is primarily engaged in manufacturing and trading refrigerators, washing machines, air conditioners, microwave ovens, kitchen appliances, built-in and small appliances and caters to both domestic and international markets. The Company also provides services in the area of product development and procurement services to Whirlpool Corporation, United States of America and other group companies. Its refrigerators include single door refrigerators, double door refrigerators, three door refrigerators, bottom mount refrigerators, side by side refrigerators and four door refrigerators. Its washing machines include semi-automatic washing machines, top load washing machines and front load washing machines. In the air conditioners category, it offers split air-conditioners. It offers microwave ovens, such as convection microwave ovens, grill microwave ovens and solo microwave ovens.