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Closing: Arcelik's New Standalone Home Appliance Business JV with Whirlpool Now Launched

Closing: Arcelik's New Standalone Home Appliance Business JV with Whirlpool Now Launched

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On April 4, 2024, Clifford Chance announced that the formation of Arcelik's new standalone home appliance business JV with Whirlpool (reported by CEE Legal Matters on January 24, 2023) had been completed, resulting in the formation of Beko Europe.

According to Clifford Chance, "based on production volumes in 2023, the combined share of Whirlpool’s European major domestic appliance business and Arcelik’s major domestic appliance, consumer electronics, air conditioning, and small domestic appliance businesses makes Beko Europe the largest in Europe. With over 20,000 employees and 11 production sites, Beko Europe manufactures approximately 24 million home appliances each year."

According to the firm, "Arcelik's global footprint now spans 57 markets, with approximately 55,000 employees, and a combined revenue of around EUR 11 billion, as per 2023 figures, achieving a significant increase in annual production capacity, reaching a total of 45 production facilities."

As previously reported, Clifford Chance and its Turkish affiliate Ciftci Attorney Partnership advised Arcelik, while Latham & Watkins advised Whirlpool.

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.

Editor's Note: After this article was published, Redcliffe Partners announced it had advised Arcelik as well. The firm's team included Partner Albert Sych, Associates Kateryna Zheltova and Zakhar Kymberskiy, and Junior Associate Georgy Smirnov.