Turkey’s Arçelik completes acquisition of Pakistan’s home appliance maker
Arçelik, Turkey’s leading home appliance technologies manufacturer, has finalized the acquisition of Dawlance Pakistan for $243.2 million, it announced in a written statement on Nov. 1.
Following the disclosure made on June 30, all closing conditions regarding the acquisition of production and sales companies operating in Pakistan under the Dawlance brand have been satisfied, said the company in a statement to the Public Disclosure Platform (KAP) late on Oct. 31.
The share purchase price was agreed as $243.2 million, taking into account the net debt adjustment and the property value adjustment of the transferred properties, it added.
Following the payment of the share purchase price by Arçelik’s subsidiary Ardutch B.V., incorporated in the Netherlands, the share transfer is expected to be completed by Nov. 7, according to the statement.