NIBE has signed agreements to acquire 31% of the shares in the listed Swiss company Schulthess Group AG. NIBE also announces a recommended voluntary public tender offer to the remaining shareholders in Schulthess to acquire all their shares. The transaction, which will be presented in Zurich today, will create a leading European company within heat pump technology and equipment for renewable energy with strong market presence.
As stated in a previous press release earlier today, the Offer corresponds to a total equity value of CHF 38 million (SEK 4.4 billioin), and will be paid in 60% cash and 40% in new NIBE AB shares. The Board of Directors in Schulthess recommends the Offer. In connection with the Offer NIBE will apply for a secondary listing of the B shares on the SIX Swiss Exchange.
"This transaction is definitely NIBE's largest to date, and I am convinced that it will be very successful. The transaction between Schulthess and NIBE represents a strategic match and is well in line with our long-term strategy in the evolving sustainable energy solutions markets in Continental Europe. It is also pleasing that both businesses share the same entrepreneurial tradition, market experience and technological vision", says Gerteric Lindquist, CEO of NIBE.
Schulthess is one of Continental Europe's leading companies within heat pumps and energy solutions, listed on SIX Swiss Exchange in Zurich. Schulthess develops, manufactures and distributes heat pumps for households and industrial/commercial customers, ventilation equipment for households, solar panels, cooling equipment and energy efficient washing machines and dryers for industrial, commercial and household use. The company has 1,000 employees and had a turnover of 301 MCHF (SEK 2.1 billion) in 2010.