Arcelik's Acquisition of Whirlpool's EMEA Domestic Appliances Provisionally Cleared by U.K. Regulator
By Ian Walker
The U.K. Competition and Markets Authority provisionally cleared Arcelik's acquisition of Whirlpool's EMEA major domestic appliances business as it believes consumers will continue to have a wide range of choice and it therefore doesn't raise any significant competition concerns.
The regulator--which opened its investigation into the deal last year--said Thursday that it will consider responses from interested parties by Feb. 29 ahead of a final report due by March 26.
Martin Coleman, chair of the independent panel conducting the investigation, said that the regulator provisionally believes that consumers will continue to benefit from a wide range of options for major domestic appliances.
"Today's findings are provisional, and the CMA will now consult on its findings and listen to any further views before reaching a final decision," Coleman said.
Whirlpool said in January that it had agreed to sell its Middle East and Africa business to Arcelik.
In addition, Whirlpool said that it was merging its European major domestic appliance business into a new jointly owned company with Arcelik who would contribute its major domestic appliance, consumer electronics, air conditioning, and small domestic appliance businesses.
The new business would be 25%-owned by Whirlpool with the rest owned by Arcelik and is expected to have combined sales of more than 6 billion euros ($6.46 billion).
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
February 08, 2024 02:50 ET (07:50 GMT)
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