Havell's sealed buyout of SLI Sylvania
The co has completed the transaction of its $300 mn acquisition of US based SLI Sylvania.
By Vivek Sinha, TNN |
NEW DELHI: Havell’s India has completed the transaction of its $300 million acquisition of global lighting major SLI Sylvania from a group of private equity funds.
Havell’s Dutch subsidiary will own 100% of the shares of the SLI Sylvania companies. Pursuant to the transaction, the name of SLI Sylvania group entities will change immediately to Havell’s Sylvania.
Delhi based Havell’s had announced the deal in March this year and is currently working out integration issues. The Havell’s Sylvania headquarters will continue to be based in Frankfurt along with the existing management team headed by the CEO Paul Griswold and the COO & CFO Mark Becker.
Commenting on the transaction, Anil Gupta, Havell’s Joint Managing Director said, "The completion of this deal is significant for the global growth of our company. We will concentrate on the tremendous product and geography synergies that the combined entity can achieve, providing access to new markets for both businesses and expanding product offering which ranges from lamps and fixtures for home and commercial use to switchgears and electrical distribution products.”
With this transaction Havell’s has secured full control of the $594 million SLI Sylvania along with rights for its various brands. The acquisition, the largest overseas acquisition by an Indian electrical company, has been financed jointly by Barclays Bank, State bank of India and Bank of India.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
