Sale expected to close by the end of 2014
American appliance giant Whirlpool Corporation has acquired Indesit for an estimated $1.083bn, having acquired shares from members of the Merloni family and the stake held by Fineldo S.p.A.
Whirlpool owns 66.8% of Indest and plans to finance the deal through cash, together with private, domestic and international public debt financing.
The acquisition of Indesit is subject to judicial and antitrust approvals and is expected to close by the end of 2014.
Chairman and CEO of Whirlpool Corporation, Jeff Fettig said: “We expect this opportunity to position our European business for growth and ongoing value creation with a well-respected and established company such as Indesit. Whirlpool has demonstrated its capability to create efficiencies and value through acquisitions, and therefore we have high confidence that through this transaction we will deliver strong returns to our shareholders and innovative products to our consumers.”
Gian Oddone Merli, CEO of Fineldo S.p.A commented: “The agreement announced today provides Indesit with the tools to build a solid and sustainable future. The benefits Indesit will derive from this investment are significant, including the ability to bring its know-how and products to a company with global scale.”
Whirlpool Corporation had annual sales of approximately $10billion in 2013 and has 69,000 employees, with 59 manufacturing and technology centres around the world.