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Havell's acquire Sylvania's lighting biz for $300 mn

Havell's India today said it has acquired SLI Sylvania's lighting business for 300 million dollars (about Rs 1,350 crores), the biggest overseas takeover by an Indian electrical equipment manufacturer.

“We have acquired Sylvania's lighting business for 300 million dollars through our Dutch subsidiary – Havell's Netherlands BV… The combined revenues are expected to be one billion dollars,” Havell's Joint Managing Director Anil Gupta told reporters here.

The all-cash deal would be funded through a mix of debt and internal accruals. The subsidiary would raise a debt of Rs 265 million dollars from Barclays Bank to fund the deal.

Havell's shares jumped 6.8 per cent to Rs 476.20 in intra-day trading on the Bombay Stock Exchange.

SLI Sylvania operates in key geographies of Europe, Latin America and Africa through 10 manufacturing facilities.

“The takeover would give us access to all the key markets in Europe, Latin America and Africa where Sylvania has a stronghold. Post-acquisition, we would target emerging markets in North Africa and Asia,” Gupta said.

The company would get access to all of Sylvania's markets across the world except Mexico, US, Australia and New Zealand where the business is owned by Osram.

Sylvania Osram had sold its lighting business to a consortium of three private equity funds comprising Subros, JP Morgan and DDG Capital and Havell's has acquired the business from the consortium.

Source : The Hindu

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