TOKYO--Mitsubishi Electric Corporation (TOKYO:6503) (“Mitsubishi Electric”), following the acquisition of approximately 74.97 percent of the share capital of DeLclima S.p.A. (BIT: DLC) (“DeLclima”) from De’Longhi Industrial S.A. (“De’Longhi Industrial”) on December 23, 2015, launched a mandatory tender offer and squeeze-out in order to acquire the remaining shares representing approximately 25.03 percent of the share capital of DeLclima listed on the Electronic Stock Market organized and managed by Borsa Italiana S.p.A. Consequently, Mitsubishi Electric completed its acquisition of all the remaining shares representing approximately 25.03 percent of the share capital of DeLclima and achieved 100-percent ownership of DeLclima’s share capital on February 24, 2016. All DeLclima shares were delisted from the Electronic Stock Market on February 24, 2016.
The total purchase price in relation to the acquisition of approximately 74.97 percent of the share capital of DeLclima from De’Longhi Industrial was €508 million, with a per-share price of €4.5271. The total consideration in relation to the mandatory tender offer and the squeeze-out was approximately €170 million, with a per-share price of €4.5271. As a result, the overall purchase price for 100% of DeLclima’s shares amounted to approximately €677 million.
Mitsubishi Electric aims to swiftly realize synergies with DeLclima and strengthen its commercial heating, ventilation and air conditioning (HVAC) business globally.
DeLclima, established in December 29, 2009, designs, manufactures and sells commercial HVAC equipment and cooling equipment for industrial and IT use. DeLclima’s subsidiaries include Climaveneta S.p.A. and RC Group S.p.A., which offer the following strengths:
- Climaveneta S.p.A.
- Leading market share in Europe and strong brand supported by customer trust and high quality in the chillers business;
- Energy-saving and low-noise technology, superior development and design, and efficient production capabilities that allow product customization and quick delivery; and
- System-solution capabilities, such as remote monitoring of HVAC equipment.
- RC Group S.p.A.
- Expertise in specialized air conditioning, including for server rooms, one of its major businesses.
For further details regarding DeLclima, please visit www.del-clima.com/en.