B&P Acts for Haier to Buy Italian Appliance Brand Candy for €475 Million

Bezen & Partners has acted for Qingdao Haier, a Chinese electronics and domestic appliances giant, on the Turkish aspects of its €475 million ($547 million) acquisition of Italian Candy Group S.p.A. as it looks to expand Qingdao  Haier’s market share in the European market.

Qingdao Haier and Candy’s press release mentions that the Haier Group’s investment was an “important milestone” in its global business strategy, as it seeks to leverage Candy Group’s innovation capabilities and leadership in “intelligent” household appliances. Candy Group, a multi-brand company owned by the Fumagalli family, is one of Europe’s leading companies in the market of small and major home appliances. It has seven manufacturing facilities in Europe, Turkey and China, and 45 subsidiaries and representative offices around the world.

For more information about the press release of 28 September 2018, please visit - https://bit.ly/2OsBt8K

According to Euromonitor, a global market research institute, 2017 marked Qingdao Haier’s ninth consecutive year as the world’s largest domestic appliance brand in terms of global sales and this transaction marks another milestone of Haier's synchronized global development strategy.

"The acquisition will allow Qingdao Haier to provide world wide service to its customers along the entire European domestic appliances chain. With a cross-border Orrick team in China, Milan, Paris and London together with the cross-practice Bezen & Partners team in Istanbul we were able to support the successful execution of the transaction from a legal perspective," comments Murat Soylu, Partner of Bezen & Partners.

JP Morgan acted as exclusive international financial adviser to Qingdao Haier while Goldman Sachs acted as exclusive financial adviser to Candy.

Orrick, Herrington & Sutcliffe LLP and Bezen & Partners acted as legal advisors to Qingdao Haier.

The Bezen & Partners’s team was led by partners Yeşim Bezen, Murat Soylu and associates Pınar Babaoğlu, Tuğcan Akalın, Yasemin Keskin, Aykut Aydın and Berfu Öztoprak.