Business
Crompton Greaves Consumer swoops on Butterfly Gandhimathi Appliances
Crompton Greaves Consumer announced that it had signed a definitive agreement on February 22 to acquire up to a 55% stake in Butterfly Gandhimathi Appliances for Rs 1,379.68 crore, as the consumer electronics company seeks to increase its stake in small home appliances.
The company will complete the transaction at Rs 1,403.00 per share and will also buy certain Butterfly brands from Promoter Group for Rs 30.38 crore.
In addition, Crompton will also take a mandatory public offer at Rs 1,433.90 per share for a 26% stake in the company, which manufactures, markets and distributes kitchen and small appliances. This puts the open offer at Rs 666.57 crore.
The total transaction, comprising a 55% interest, public offering and trademark valued at Rs 2,076.63 crore, is expected to be funded through a combination of internal reserves and debt.
This comes after Moneycontrol first reported that Crompton was preparing to raid the company.
Crompton said the acquisition is a transformative step towards its long-term strategic goal of becoming a leading pan-India small appliance company. As one of the few integrated manufacturers in the space, Butterfly offers instantly expanding kitchen appliances with its diverse product portfolio, he added.
Shantanu Khosla, Managing Director of Crompton, said: “Crompton has set out a roadmap to ‘expand its core product portfolio’ in its long-term strategic plan. A key step in this roadmap is to strengthen the small appliance category. Butterfly, a more than five-year-old company has grown into a strong brand in South India. Butterfly’s proven distribution and branding strategy will lay the foundation for a stronger small appliance business led by mixers. This creates a platform for the complete kitchen game that can be integrated with any Families build stronger bonds.”
VM Lakshminarayanan, Chairman of Butterfly, said: “This move provides an opportunity for the Butterfly brand to have a strong presence in India.
In an interview with CNBC-TV18, Butterfly executive director VM Seshadri said he was satisfied with Crompton’s proposal, adding: “After the transaction closes, the current promoter will be declassified as the promoter and will no longer be a board member.” less than 10% and has a non-compete agreement with Crompton.
Kotak Investment Banking acted as financial advisor and manager of Crompton’s public offering, and Khaitan & Co acted as legal advisor to Crompton.
Complete News Source : Money Control
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