Clifford Chance and its Turkish affiliate Ciftci Attorney Partnership have advised Arcelik on the establishment of a joint venture between its Ardutch subsidiary and Whirlpool Corporation subsidiary Whirlpool EMEA Holdings to create a new standalone business in the European home appliances sector. Latham & Watkins advised Whirlpool.
Arcelik produces home appliances and consumer durables. It has 45,000 employees in 53 countries, 30 production facilities in nine countries, and 12 brands overall.
According to Clifford Chance, “both companies will transfer their European subsidiaries to the new standalone business, which will combine their manufacturing expertise, European appliance brands, distribution, and sales networks and will also build on both companies' strong track record in, and commitment to, innovation and sustainability. The new company will have production sites across multiple European countries with more than 20,000 employees with a combined net revenue of approximately EUR 6 billion.”
“Whirlpool will own 25% and Arcelik 75%, subject to adjustments,” in the newly formed entity, Latham & Watkins reported.
The Clifford Chance team included Prague-based Managing Partner Alex Cook, Counsel Michal Jasek, Senior Associate Stanislav Holec, Lawyer Tomas Prochazka, and Junior Lawyer Martin Hrachovina, Istanbul-based Ciftci Attorney Partnership Partner Itir Ciftci, as well as additional team members from Warsaw, Bucharest, London, Amsterdam, Brussels, Paris, Milan, Frankfurt, Duesseldorf, New York, and Washington.