Electrolux said on yesterday, 10th July, it would buy Egyptian appliance maker Olympic Group, completing a takeover delayed by the political turmoil in Egypt this year.
Sweden-based Electrolux said it would offer 40.60 Egyptian pounds, or £4.31, per share. That values the company at 2.4 billion Egyptian pounds (roughly £258 million) based on 60 million shares outstanding.
The deal had been tentatively agreed upon last October and valued at 2.7 billion Egyptian pounds, roughly £287million.
Electrolux said it expects the deal to be completed by late July or early August.
Electrolux said it would sell Olympic Group’s ownership in associated companies Namaa and B-Tech to Paradise Capital, Olympic’s parent company, after the deal is complete. Paradise holds a 52 percent controlling stake in Olympic.
Electrolux will pay a yearly management fee of 2.5 percent of Olympic’s sales to Paradise over the course of a seven-year deal.
Olympic Group has 7,300 employees and makes appliances such as washing machines, refrigerators, cookers and water heaters.