Electrolux has completed the Mandatory Tender Offer that was launched in conjunction with the acquisition of Egypt’s leading appliance manufacturer, Olympic Group, and now owns 98.33% of the company’s shares.
Electrolux has successfully completed the Mandatory Tender Offer that was launched in connection with the agreement to acquire Paradise Capital’s 52% majority stake in Olympic Group Financial Investment Company S.A.E (Olympic Group).
Olympic Group will be consolidated in the Electrolux Group as of September 2011, and Electrolux intends to delist Olympic Group’s shares from the Egyptian Exchange no later than in the first quarter in 2012.
Electrolux intends to offer remaining minority shareholders a continued opportunity to sell their shares in Olympic Group over the next twelve months.
At the beginning of July 2011, Electrolux announced the signing of an agreement to acquire the appliance manufacturer, Olympic Group. Olympic Group has 7,300 employees and manufactures washing machines, refrigerators, cookers and water heaters. Olympic Group, excluding the two associated companies Namaa and B-Tech which are not part of the core business and will be divested, had sales of about EGP 2.3 billion (SEK 2.5 billion) in 2010, and a recurring operating profit of about EGP 265 million (SEK 280 million). This corresponds to a margin of 11% and a net profit of about EGP 190 million (SEK 200 million). Olympic Group is a leading manufacturer of appliances in the Middle East, with a volume market share in Egypt of about 30%. Electrolux and Olympic Group have developed a successful commercial partnership in the region over a period of almost 30 years, which today covers technology, component supplies, distribution and brand licensing.
The exchange rate used for translation from EGP to SEK is as of June 30, 2011.
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