Arçelik to Acquire South Africa's Defy Appliances for $325 Million Jul 26, 2011

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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:
• Botswana
• Lesotho
• Namibia
• South Africa
• Swaziland

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.

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