Havell's acquires Dutch firm Sylvania
Speaking to ET.com, Chief Executive of Havell’s Anil Gupta said that the acquisition “is an all cash deal”.
By INDIATIMES NEWS NETWORK |
NEW DELHI: Electrical equipment major, Havell's Group has acquired the Europe’s most popular company, Sylvania headquartered in Frankfurt in Germany for an acquisition price of US $ 300 million.
Speaking to Economic Times, Chief Executive of Havell’s Anil Gupta confirmed that the acquisition “is an all cash deal”.
Sylvania has an annual sales turnover of US $ 600 million. With the latest acquisition, Havell’s will catapult into a US $ one billion company in size.
Havell’s has mobilized US $ 160 million debt on the strength of Sylvania’s balance sheet and its projected cash flows. Another US $ 105 million has been mobilized in loans on the strength of Havell’s guarantees. This portion of cash would be converted into Havell’s equity.
Anil Gupta confirmed that the group has also taken over US $ 35 million worth liabilities of Sylvania.
Sylvania which is a popular market brand in the US, European and Latin American plants has ten manufacturing facilities across the three continents including one in Africa.
The first joint venture that Havell’s entered into was with Geyer, a German company about ten years back. Sylvania acquisition is billed as the largest in electrical equipment industry.
Speaking to Economic Times, Chief Executive of Havell’s Anil Gupta confirmed that the acquisition “is an all cash deal”.
Sylvania has an annual sales turnover of US $ 600 million. With the latest acquisition, Havell’s will catapult into a US $ one billion company in size.
Havell’s has mobilized US $ 160 million debt on the strength of Sylvania’s balance sheet and its projected cash flows. Another US $ 105 million has been mobilized in loans on the strength of Havell’s guarantees. This portion of cash would be converted into Havell’s equity.
Anil Gupta confirmed that the group has also taken over US $ 35 million worth liabilities of Sylvania.
Sylvania which is a popular market brand in the US, European and Latin American plants has ten manufacturing facilities across the three continents including one in Africa.
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The first joint venture that Havell’s entered into was with Geyer, a German company about ten years back. Sylvania acquisition is billed as the largest in electrical equipment industry.
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