Turkey’s leading household appliances maker Arcelik AS signed a deal to buy 60% of Hitachi Global Life Solutions Inc.’s for $300 million to deliver on its strategy to expand in emerging markets.
Arcelik and Hitachi GLS will form a new company that Arcelik will control to run operations in the home appliances market, excluding Japan, the Turkish company said in a filing to the stock exchange on Wednesday. The total transaction value is calculated on a cash-free and debt-free basis for the business, with the deal expected to be closed by April 1.
