May 23, 2016 / 9:45 PM / 4 years ago

Groupe SEB buys Germany's WMF for 1.02 bln euros

FRANKFURT (Reuters) - French household equipment manufacturer Groupe SEB (SEBF.PA) said on Monday it agreed to buy German peer WMF for 1.02 billion euros ($1.14 billion) from private equity firm KKR (KKR.N).

Including debt and pension liabilities, the deal is valued at 1.7 billion euros.

WMF, or Wuerttembergische Metallwarenfabrik, makes high-end coffee machines mainly for cafes and restaurants as well as cutlery, pots and pans for retail consumers.

KKR acquired a controlling stake in WMF in 2012 from private equity firm Capvis in a deal valuing the group at about 600 million euros.

Groupe SEB, which owns household brands including Moulinex and Tefal, expects to get regulatory approval for the deal in the second half of the year.

It expects to reap annual synergies of 40 million euros from 2020.

(This story corrects value in second paragraph to 1.7 billion euro from 1.6 billion)

Reporting by Harro ten Wolde; Editing by Dan Grebler

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