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Whirlpool Corp enters into agreements to acquire majority interest in Indesit Company SpA


Thursday, 10 Jul 2014 08:43pm EDT 

Whirlpool Corp:Enters into binding agreement for sale of Fineldo's stake in Indesit Company SpA.Says it has entered into binding share purchase agreements with members of Merloni family for their Indesit shares.Under these agreements, Whirlpool would acquire shares representing a total of 66.8 pct. of voting stock of Indesit.Says it currently intends to finance this transaction through cash on hand, together with private, domestic and international public debt financing, depending on the timing of closing and market conditions.Acquisition is expected to close by end of 2014.In this transaction, Whirlpool simultaneously entered into share purchase agreements with Fineldo for a 42.7 pct. stake in Indesit; certain members of Merloni family for 13.2 pct. stake in Indesit and Claudia Merloni for 4.4 pct. stake in Indesit.Total of 60.4 pct. of Indesit stock capital represents a 66.8 pct. voting stake in Indesit, in light of treasury shares held by Indesit.Purchase price under all three share purchase agreements is 11.00 euros / $15.06 per Indesit share, resulting in a total expected purchase price of 758 mln euros / $1.038 bln.Under Fineldo Agreement, however, purchase price is subject to a possible pre-closing downwards or upwards adjustment based on Indesit's consolidated average net debt and net working capital.