TCL Electronics Completes HK$5.6 Billion Acquisition of Air Conditioner Business; Shares Up 5%

MT Newswires Live11-03

TCL Electronics (HKG:1070) completed its acquisition of TCL AeroWell (Cayman), the holding company for TCL's air conditioner business, on Nov. 2, following fulfillment of all conditions, according to a Monday Hong Kong bourse filing.

The HK$5.61 billion consideration was settled through HK$167 million in cash and the issuance of 362.9 million new shares to the vendors at HK$15.00 each.

The new shares represent about 12.58% of TCL Electronics' enlarged share capital.

Following completion, TCL AeroWell became a wholly owned subsidiary of TCL Electronics, and its financial results will be consolidated into the group's accounts.

Shares of TCL Electronics were up nearly 5% in Tuesday morning trade.

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