Haier Smart Home Acquires Electrolux South Africa

MT Newswires Live07-22

Haier Smart Home (HKG:6690) purchased the entire stake in Electrolux South Africa Proprietary from Sweden-based Electrolux Group for 2.45 billion South African rand or about 980 million yuan, according to a Thursday press release.

Haier's purchase will help expand its development in Africa and boost its global brand portfolio, the filing said.

Electrolux South Africa is engaged in the water heater business in South Africa and owns the century-old water heater brand Kwikot.

Completion is slated for completion in the fourth quarter, the filing said.

Shares rose 2% in Hong Kong on Monday afternoon.

Price (HKD): $24.15, Change: $+0.45, Percent Change: +1.90%

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