Home appliance manufacturer Electrolux (OMX: ELUX B, PINK: ELUXY) acquires Egyptian domestic appliances manufacturer Olympic Group. Electrolux has signed a purchase agreement with Paradise Capital for its controlling 52% stake. Electrolux will make a mandatory tender offer for remaining shares.
The value of the deal stands to be more than 2 billion Swedish kronor upon completion of the tender offer, slightly less than annual sales. Electrolux had earlier put the deal on hold over the political unrest in Egypt.
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