European HVAC producer Vaillant Group agreed to acquire 72.56% of the shares of Turkish heating and air-conditioning OEM Türk DemirDöküm Fabrikalari A.S. from shareholder Koç Group. Vaillant will also make a public offering for the remaining shares. Under the agreement, Istanbul-based Koç will sell its shares to Vaillant for 211.1 million euros (approx. US$283 million). Another 21.76% of DemirDöküm shares are publicly traded on the Istanbul Stock Exchange and 5.68% is owned by Taylan Holding. Vaillant will make a public offer for these remaining shares.
"As a very successful and strongly expanding company with know-how gained over many years and a comprehensive technology portfolio, DemirDöküm is an ideal strategic addition for the Vaillant Group," said Vaillant Group Managing Director Claes Göransson. "The acquisition represents a significant step in continuing the Vaillant Group’s strategy of good growth through geographic expansion, an expanded product portfolio and synergies."
DemirDöküm primarily serves the growing Turkish market and has increasing presence in international markets. Vaillant will use the acquisition to expand its geographic presence, especially in Eastern Europe.
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