Whirlpool to use new debt to help finance $1.04 billion acquisition

By Angela McDaniels

Tacoma, Wash., July 10 – Whirlpool Corp. entered into agreements to purchase a 66.8% voting stake in Indesit Co. SpA for $1.04 billion and expects to finance the acquisition with cash on hand and private, domestic and international public debt financing, according to a company news release.

The company said the exact mix of financing will depend on the timing of closing and market conditions.

Under the agreements, Whirlpool will buy Fineldo SpA’s stake in Indesit and the Indesit shares owned by the Merloni family. The acquisition is expected to close by the end of 2014.

Following the closing of the acquisition, Whirlpool will launch a mandatory tender offer for all remaining shares of Indesit.

Whirlpool and Indesit make major home appliances and are based in Benton Harbor, Mich., and Fabriano, Italy, respectively.

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