|Charissa Echavez |||Jun 27, 2016 01:21 PM EDT|
(Photo : YouTube Screenshot) Midea is to acquire Italy's air conditioner maker Clivet SpA.
Electrical appliance maker Midea Group has agreed to buy an 80 percent stake in Italian air conditioner manufacturer Clivet SpA, Clivet Espana SA, and related real estate assets.
The remaining 20 percent will remain with the Bellò family, Clivet's current shareholders. Although details about the value of acquisition have not been revealed, both companies expect the deal to be completed this year, pending anti-monopoly reviews.
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"This strategic alliance is a win-win cooperation. The complementary strengths of Midea and Clivet SpA will create significant synergies in product offerings, market presence, supply chain and manufacturing," Eric Tian, Midea Commercial Air Conditioning Division's president, said.
"Clivet will become a true European centre of excellence in developing innovative solutions for total comfort and energy efficiency," Bruno Bellò, Clivet's founder, and chairman, said. He added that partnership between both nations will "unlock industrial synergies" and will increase the Italian company's production.
In a statement released by Midea on its official website on Friday, the Chinese company said it will acquire Clivet Espana S.A. and some of its properties. Midea's financial adviser is Credit Agricole CIB, while Clivet is represented by DC Advisory.
Clivet is an Italian HVAC producer established in 1989. It has a range of products including air conditioners, chiller, and heat pumps. The company has only 600 employees with branches in England, Spain, Germany, Russia, to name a few locations.
Midea, on the other hand, is a global maker of consumer appliances including HVAC systems. Recently, it made an offer of $5.2 billion to take over German robot maker Kuka AG, amid criticism from investors and government officials that the latter has not even considered possible options from other groups yet.
Midea offered $130 per share for the shares it does not already yet own in Kuka, according to The Wall Street Journal. The value was a significant premium compared to Kuka's closing price of $117.20.
Chinese companies have been on a shopping spree in Europe this year, with Germany as their top country of choice.
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