Deals
Arcelik to Pay $327 Million in Total for South African Defy
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Arcelik AS, Europe’s third-largest home appliances maker, agreed to buy South African appliance maker Defy Appliances (Pty) Ltd. for $327 million.
The price includes $229 million of equity value and about $98 million of a shareholder loan provided by Franke Holding AG, a Swiss home appliance maker that owns Defy, Arcelik said in a filing with the Istanbul Stock Exchange today. Defy Appliances has an enterprise value of 2.24 billion South African rand ($324 million), it said. The agreement for the purchase was signed yesterday, Arcelik said.