Turkish-based appliance maker Arçelik will acquire 100% of the shares of South Africa-based Defy Appliances (Pty) Ltd. from Franke Holding AG for ZAR (South African Rand) 2.25 billion (approx. US$325 million).
The transaction awaits approval of South African and Namibian Competition Authorities, expected by the end of September 2011.
Defy Appliances is a market leader in the South African Customs Union (SACU) region, which includes:
• South Africa
The SACU Secretariat is located in Windhoek, Namibia.
Defy reported 2010 net sales of approximately ZAR 2.5 billion (approx. US$345 million) and normalized EBITDA of ZAR 314 million (approx. US$43 million). Defy has three manufacturing facilities in South Africa producing refrigerators, freezers, dryers, ovens, and other cooking appliances.
to Daily News