Ardutch B.V acquired Europe, Middle East and Africa business of Whirlpool from Whirlpool Corporation.
April 02, 2024
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Ardutch B.V agreed in principle to acquire Europe, Middle East and Africa (EMEA) business of Whirlpool from Whirlpool Corporation (NYSE:WHR) for ?20 million on January 16, 2023. The consideration will be paid in cash. Whirlpool will retain ownership of its EMEA KitchenAid small domestic appliance business. The transaction is subject to additional requirements for closing, including obtaining regulatory approvals and other customary closing conditions. As of September 30, 2023, the transaction will be referred for an in-depth Phase 2 investigation unless Arelik offers undertakings to address the Competition and Markets Authority's concerns. The parties have until October 5, 2023 to offer an undertaking which might be accepted by the CMA to address the Substantial Lessening of Competition. As on October 24, 2023 The European commission has approved the merger. The U.K. Competition and Markets Authority is considering whether Arcelik's planned acquisition of Whirlpool's EMEA major domestic appliances business and has set a deadline of July 25 for comments. The transaction is expected to close in the second half of 2023. As of October 11, 2023, CMA did not refer the transaction for a phase 2 investigation pursuant. As of November 7, 2023, CMA continue to raise concern regarding Substantial Lessening of Competition and give parties in the transaction November 21, 2023 to response. On January 22, 2024 The Competition Commission has approved the proposed acquisition by Beko Europe B.V.
Perella Weinberg Partners LP acted as financial advisor, and Latham & Watkins LLP and Cleary Gottlieb Steen & Hamilton LLP acted as legal advisors, to Whirlpool Corporation Clifford Chance advised Arçelik A.S team included Jeroen Thijssen, Mark Jan Arends, Michal Ja?ek. Stuart Rogers of Alston & Bird LLP acted as legal advisor to Perella Weinberg Partners LP in the transaction.
Ardutch B.V acquired Europe, Middle East and Africa (EMEA) business of Whirlpool from Whirlpool Corporation (NYSE:WHR) on April 3, 2024.
Whirlpool Corporation is the world leader of the manufacturing and the marketing of large domestic equipments. The group's products are marketed mainly under the Whirlpool, Maytag, JennAir, KitchenAid, InSinkErator, Yummly, Amana, Bauknecht, Indesit, Hotpoint, Ignis Consul, Brastemp and Acros brands. Net sales break down by family of products as follows:
- refrigerators, freezers and air conditioners (31.7%);
- home laundry appliances (26%): washing machine and dryer;
- cooking appliances (25.6%): oven, microwave ovens, hoods, cooktops;
- dishwasher (9.2%);
- other (2.8%): mixers, toasters, culinary robots, etc.
The remaining net sales (4.7%) are from spare parts sales and after-sales services.
At the end of 2022, the group has 35 production sites worldwide.
Net sales break down geographically as follows: North America (58.2%), Europe/Middle East/Africa (20.4%), Latin America (15.9%) and Asia (5.5%).