Whirlpool in Acquisition of Indesit

July 11, 2014

Cleary Gottlieb is representing Whirlpool, the world’s leading manufacturer and marketer of major home appliances, in the acquisition of a controlling stake in Indesit, one of the leading European manufacturers and distributors of major domestic appliances.

Whirlpool and Fineldo, the holding company whose assets include a controlling interest in Indesit, have entered into a binding agreement for the sale of Fineldo’s stake in Indesit. Whirlpool also entered into binding share purchase agreements with certain members of the Merloni family for their Indesit shares. Under these agreements, Whirlpool would acquire a total of 60.4% of Indesit stock capital representing 66.8% of the voting stock of Indesit.

The purchase price is €11.00/$15.06 per Indesit share, resulting in a total expected purchase price of €758 million/$1.038 billion. The deal was announced on July 10, 2014. The acquisition of control of Indesit is subject to antitrust approvals and is expected to close by the end of 2014. Subsequent to the acquisition, Whirlpool will launch a mandatory tender offer on all remaining Indesit shares.