Market Updates
Lixil of Japan to Buy Grohe in Germany for $4 Billion
Hiruki Nakamura
26 Sep, 2013
New York City
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Lixil Group Corp and Development Bank of Japan agreed to acquire sanitary fixtures maker Grohe Group for 3.06 billion euros or $4.1 billion.
Lixil Group Corp and Development Bank of Japan agreed to acquire sanitary fixtures maker Grohe Group for 3.06 billion euros or $4.1 billion.
Dusseldorf, Germany based bathroom-fixtures maker has been on sale since last six months.
The deal with Lixil is a big win for TPG and a unit of Credit Suisse Group AG after the two acquired Grohe in 2004 for a reported $1.8 billion from BC Partners Ltd and facilitated the company’s growth in Asia.
Lixil Group agreed to acquire 87.5% of Grohe and agreed to pay in cash funded by an increase in debt and a bond offering that may be completed in the next few months.
The deal is expected to be completed in the first quarter of 2014.
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