Turkey’s Arcelik to Exit Hitachi Venture in $261 Million Deal

Turkey’s Arcelik AS agreed to sell its 60% stake in a home appliance joint venture with Hitachi Global Life Solutions Inc for about $261 million, exiting the business to focus on key markets.

The deal includes a $205 million cash payment at closing and an additional $56 million in deferred payments over three years, according to a regulatory filing on Tuesday. The final price will also include a closing adjustment tied to the venture’s cash position.