Whirlpool of India has entered into a share purchase agreement with Elica S.p.A (MTA: ELC) to acquire an additional stake in Elica PB India. Elica PB India will become a majority-owned subsidiary of Whirlpool India and its financial statements will be consolidated within Whirlpool India. The transaction is expected to close by the end of September 2021. Both organizations will continue to run their operations similar to their current state.
Whirlpool India currently owns a 49% stake in the Elica PB India and will acquire an additional 38% equity interest for $57 million to bring its total equity ownership to 87%. Whirlpool India initially acquired a 49% equity interest in Elica PB India in 2018.
The company is now one of the leading manufacturers and marketers of major home appliances in the country.
