Electrolux To Buy Egyptian Appliance Maker

Law360, New York (October 11, 2010, 2:21 PM EDT) -- Swedish home appliance giant Electrolux AB on Monday agreed to purchase a majority stake in Olympic Group for Financial Investments, the largest manufacturer of home appliances in the Middle East and North Africa.

Electrolux will purchase 52 percent of Olympic Group from Paradise Capital Group Inc. for 45.30 Egyptian pounds, or around $8, per share, it said.

The deal calls for Electrolux to commence a mandatory tender offer for 100 percent of Olympic Group at the approximately $8 per share price. Paradise will then buy back...
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