Ariston Thermo SpA completed the acquisition of Fluida S.A. de C.V. and Water Heating Technologies Corp.
April 29, 2019
Share
Ariston Thermo Group SpA signed an agreement to acquire Calentadores de America S.A. de C.V., Fluida S.A. de C.V. and Water Heating Technologies Corp. from Grupo Industrial Saltillo, S.A.B. de C.V. (BMV:GISSA A) on January 14, 2019. Under the agreement, Ariston Thermo Group SpA will also acquire the property owned by Ingis, S.A. de C.V. where the business operates. The total purchase price is MXN 2.79 billion, subject to adjustments. Following the transaction, Calentadores de America S.A. de C.V., Fluida S.A. de C.V. and Water Heating Technologies Corp. will retain their management. The transaction is subject to customary regulatory approvals, approval by Federal Anti-Trust Commission and other conditions. Net proceeds from the transaction will be allocated towards the prepayment of Grupo Industrial Saltillo, S.A.B. de C.V.’s debt and general corporate purposes. As on February 19, 2019, Ariston Thermo SpA completed the acquisition Calentadores de America S.A. de C.V. from Grupo Industrial Saltillo, S.A.B. de C.V. (BMV:GISSA A). HSBC acted as financial advisor for Grupo Industrial Saltillo, S.A.B. de C.V. while Deloitte acted as accountant and Carlos Argüelles González and Bárbara Asiain of Santamarina y Steta, as legal advisors. Claudio Costamagna acted as advisor in the transaction. galicia Abogados, S.C. acted as legal advisor for Ariston Thermo Group SpA.
Ariston Thermo SpA completed the acquisition of Fluida S.A. de C.V. and Water Heating Technologies Corp. on April 30, 2019. The approval of the Commission Federal Economic Competition has been received along with the fulfillment of other conditions in the contract.
Grupo Industrial Saltillo SAB de CV (GISSA) is a Mexico-based company. The Company operates through three business divisions: Iron Foundry division, which manufactures blocks and iron heads for diesel and gasoline engines; the Construction division, which produces residential and industrial water heaters through gas and solar energy power, and the Houseware division, which designs, manufactures and markets a variety of tableware and kitchenwear products, as well as a line of electronic appliances. The Company operates through a range of subsidiaries, such as Servicios de Produccion Saltillo SA de CV, Manufactura Vitromex SA de CV, Industria Automotriz Cifunsa SA de CV, Gis Holding Inc, Calentadores de America SA de CV, as well as Automotive Components Europe SA, among others.
GRUPO INDUSTRIAL SALTILLO, S.A.B. DE C.V. 
