China’s Qingdao Haier closed its purchase of 100% of Italy’s Candy at €475m on 4 Jan.
The contract was signed in September 2018.
Haier Europe Appliance Holding bought the shares and transferred them to Haier Europe Appliance Solutions. The second firm is based in Italy and both are fully owned Haier subsidiaries.
‘The transaction will further improve our company’s branding landscape, fuel our expansion in overseas markets, especially Europe, and increase our coverage with a boarder product portfolio,’ said a filing on the Shanghai Stock Exchange.
The combined volumes of Haier and Candy groups in 2018 represented a 15.1% global market share on major appliances and 22.7% on freestanding refrigeration appliances, said a joint press release by the two firms.
Qingdao Haier partly funded the purchase by selling new shares on the Frankfurt Stock Exchange. CEINEX D-Shares were launched on the Exchange in October 2018, said the press release.