Turkish household appliances and consumer electronics manufacturer Arçelik has agreed to buy Whirlpool's remaining 25% stake in Beko Europe for 71.5 million euros ($82 million), taking full ownership of the unit as it simplifies its partnership with the U.S. group.
The move follows Arçelik's April 2024 acquisition of Whirlpool's European operations, after which the U.S. company retained a minority stake in Beko Europe.
Arçelik said a shareholder agreement with Whirlpool had been terminated, but the existing brand licensing agreement would remain in place.
In a separate deal, Arçelik sold shares equal to 2.9% of its capital – previously acquired through a buyback program – to Whirlpool for TL 2 billion ($44 million). The sale price of TL 103.71 per share was at a slight discount to the previous close.
The company also said it had completed all payment obligations related to its 2022 acquisition of Indesit and Whirlpool's operations in Russia, with a final payment of 40 million euros.
